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₹124 - 124Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Pranav Constructions Ltd
ConstructionIPO
₹124 - 124
We are the leading real estate company, based on the supply of units and number of completed and under construction MCGM - Redevelopment projects in the Western Suburbs, with a total of 1,864 units and 34 MCGM - Redevelopment projects (completed and under construction) whereas other developers have 4 to 11 MCGM - Redevelopment projects, each launched between CY17 - Q1 CY26. We are amongst the top redevelopment companies based out of Mumbai predominantly undertaking redevelopment projects in the Western Suburbs focusing on Economical, Mid and Mass4, and Aspirational5 homes.
Lot120Min Invest₹14,880Face Value₹10Issue Size₹351 CrFresh Issue₹316 CrOffer for Sale₹35 CrListing Price₹165CMP₹95
Timeline
7 Sept
Bidding opens
9 Sept
Bidding closes
10 Sept
Allotment
11 Sept
Refund & demat credit
15 Sept
Listing
Subscription · As of 8:07 PM, 9 Sept
Demand by day
CategoryDay 1Day 2Day 3Now+0.87x+0.13x+257.71x258.7x+10.61x+33.15x+164.45x208.2x+5.77x+10.00x+27.56x43.3xOverall+5.70x+12.51x+102.79x121.0x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB258.7x1.08 Cr278.77 Cr34,567.29NII208.2x40.41 L84.14 Cr10,432.74Retail43.3x1.21 Cr52.52 Cr6,512.90Total121.0x2.83 Cr342.53 Cr42,266.51
Reports
Offer Details
Terms
Issue Size₹351 Cr2.83 Cr shares
Fresh Issue₹316 Cr
Offer for Sale₹35 Cr
Face Value₹10
Lot Size120 shares
ReservationQIB 40% · NII 15% · RETAIL 45%
Application Sizes
Retail₹14,8801-13 lots
sNII₹2,08,320from 14 lots
bNII₹10,11,840from 68 lots
Managers & Registrar
Lead ManagerCentrum Broking Limited
Co-ManagerPNB Investment Services Ltd
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrBioUrja India Infra Private LimitedOTH28,56,86935.43Total28,56,86935.43
Shareholding
CategoryPre IPOPost IPOPromoter Group63.35%49.03%Public36.65%50.97%
Objects of the Issue
- Funding costs towards obtaining government and statutory approvals and purchase of additional FSI as per applicable laws and cost towards compensation to members towards alternate accommodation, and hardship compensation,
- Repayment or pre-payment, in full or in part, of certain of the company outstanding borrowings availed by the comapny
- Funding acquisition of future redevelopment projects and general corporate purposes
Anchor Book
Bid Date04-Sep-2026Bid Price₹124Shares67,94,034Amount₹84 CrMutual Funds29.08% of the book30-day lock-in09-Oct-202690-day lock-in08-Dec-2026
Financials
Profit & Loss
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| RevenueCr | 447 | 636 | 762 |
| Operating ProfitCr | 57 | 97 | 129 |
| OPM% | 12.8 | 15.2 | 16.9 |
| PBTCr | 39 | 72 | 94 |
| PATCr | 40 | 62 | 71 |
| EPS | 5 | 7 | 8 |
Balance Sheet
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity CapitalCr | 4 | 87 | 87 |
| ReservesCr | 85 | 88 | 160 |
| BorrowingsCr | 99 | 202 | 266 |
| Fixed AssetsCr | - | 9 | - |
| Total AssetsCr | 967 | 1,246 | 1,799 |
Cash Flow
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating Cash FlowCr | 5 | -93 | -41 |
| Investing Cash FlowCr | 20 | -1 | -5 |
| Financing Cash FlowCr | 1 | 94 | 25 |
| Net Cash FlowCr | 26 | 1 | -22 |
Strengths & Risks
Strengths · as stated in the DRHP
- Among the leading real estate companies in the Western Suburbs with a demonstrated growth and strong pipeline.
- Demonstrated project execution capabilities with in-house functional expertise.
- Capital efficient business model with high barriers to entry.
- Established a customer-centric brand in the Western Suburbs with robust stakeholder management.
- Track record of consistent financial performance.
- Experienced Promoters and professional senior management with good corporate governance practices.
Strategies · as stated in the DRHP
- Continue to focus on Redevelopment and expand in other regions of MCGM.
- Continue to focus on our asset-light business model.
- Upgrade technology to drive operational efficiency and deliver quality Redevelopment Projects to our customers.
- Enhance and leverage the `PCPL' brand.
- Focus on environmental friendly solutions.
Risks · as stated in the DRHP
- The company's Redevelopment1 activities are geographically concentrated in the MCGM Region2, which has accounted for 99.70%, 99.69% and 99.50% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Consequently, the company is exposed to risks from varying market conditions, economic, regulatory and other changes as well as natural disasters in the MCGM Region, which in turn may have an adverse effect on its business, results of operations, cash flows and financial condition.
- An inability to complete the company Under-construction Redevelopment Projects and Upcoming Redevelopment Projects by their respective expected completion dates or at all could have a material adverse effect on its business, reputation, results of operations and financial condition.
- If the company is not able to sell its Redevelopment Projects inventory in a timely manner, it may adversely affect the company's business, results of operations and financial condition.
- The company does not enters into agreements for supply of construction materials for its Redevelopment Projects and depends on a limited number of suppliers for construction materials. As of Fiscal 2026, Fiscal 2025 and Fiscal 2024, the company's top 10 suppliers contributed to 61.78%, 69.80% and 52.50% of the total material costs, respectively. Any increase in prices or interruption in the availability of construction materials could adversely impact its business, results of operations and financial condition.
- The company depends on a limited number of contractors for its business activities and operations. As of Fiscal 2026, Fiscal 2025 and Fiscal 2024, the company's top 10 contractors contributed to 47.10%, 56.41% and 46.92% of the total amount paid to contractors, respectively. Any delay or failures on the part of such contractors to adhere to their obligations could adversely affect its business operations and financial condition.
- The company may not be able to successfully identify and acquire Redevelopment Projects in the future, which may have an adverse impact on its business and the growth of the Company.