Pranav Constructions IPO
Pranav Constructions IPO is a book-built Mainboard issue of up to ₹351.03 crore, comprising a Fresh Issue of ₹315.60 crore and an Offer for Sale of 28,56,869 equity shares. The price band is ₹118 to ₹124 per share, with a lot size of 120 shares.
Pranav Constructions IPO Details
Pranav Constructions IPO is scheduled to open for subscription on September 7, 2026 and close on September 9, 2026. The basis of allotment is scheduled for September 10, refunds and Demat credit are expected on September 11, and listing is scheduled for September 15, 2026. The company is offering up to 2,83,08,481 equity shares through a 100% book-built issue.
Pranav Constructions IPO GMP
The reported grey-market premium for Pranav Constructions IPO was approximately ₹27 on September 3, 2026 against the upper issue price of ₹124. This implies an unofficial estimated price of approximately ₹151. GMP is unofficial, unregulated and can change rapidly. It should not be considered a guaranteed indication of the actual listing price.
Pranav Constructions IPO Timeline (Tentative)
Pranav Constructions IPO is scheduled to open on September 7, 2026 and close on September 9, 2026. The basis of allotment is scheduled for September 10, followed by refund initiation and Demat credit on September 11. The shares are scheduled to be listed on the NSE and BSE on September 15, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Mon, Sep 7, 2026 |
| IPO Close Date | Wed, Sep 9, 2026 |
| Basis of Allotment | Thu, Sep 10, 2026 |
| Initiation of Refunds | Fri, Sep 11, 2026 |
| Credit of Shares to Demat | Fri, Sep 11, 2026 |
| Listing Date | Tue, Sep 15, 2026 |
| IPO Opens | September 7, 2026 |
| IPO Closes | September 9, 2026 |
| Basis of Allotment | September 10, 2026 |
| Refund Initiation | September 11, 2026 |
| Credit of Shares to Demat | September 11, 2026 |
| Listing Date | September 15, 2026 |
Pranav Constructions IPO Lot Size
The market lot for Pranav Constructions IPO is 120 shares. Individual Investors can apply for a minimum of 1 lot, or 120 shares, at the upper price band of ₹124, requiring ₹14,880. Small HNI applicants can apply for a minimum of 14 lots, or 1,680 shares, while Big HNI applicants can apply for a minimum of 68 lots, or 8,160 shares.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 120 | 14,880 |
| Retail (Max) | 13 | 1,560 | 1,93,440 |
| S-HNI (Min) | 14 | 1,680 | 2,08,320 |
| S-HNI (Max) | 67 | 8,040 | 9,96,960 |
| B-HNI (Min) | 68 | 8,160 | 10,11,840 |
Pranav Constructions IPO Reservation
Pranav Constructions IPO comprises 2,83,08,481 equity shares. The issue allocation provides 40% for Qualified Institutional Buyers, 15% for Non-Institutional Investors and 45% for Retail Individual Investors. The QIB portion includes the Anchor Investor allocation within the institutional category.
Pranav Constructions IPO Subscription
Pranav Constructions IPO has not opened for public subscription as of September 3, 2026. Therefore, category-wise and overall subscription figures are not yet available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Pranav Constructions
Pranav Constructions Limited is a Mumbai-based real estate development company primarily focused on the redevelopment of residential properties within the Municipal Corporation of Greater Mumbai (MCGM) region, with a strong presence in the Western Suburbs.
The company follows a pure-play redevelopment model under which it enters into redevelopment agreements with cooperative housing societies. It undertakes redevelopment of existing residential structures and develops replacement homes for existing society members along with additional residential units for sale.
Pranav Constructions operates across residential segments including Economical, Mid and Mass, and Aspirational homes. Its activities cover multiple stages of the redevelopment lifecycle, including society tendering, feasibility, design, approvals, construction management, sales and marketing, and post-construction handover.
As of March 31, 2026, the company's portfolio comprised 65 redevelopment projects across the MCGM region, including 28 completed projects, 20 under-construction projects and 17 upcoming projects. The combined total developable area of these projects was approximately 5.01 million square feet.
The company has established an integrated execution model supported by in-house capabilities in business development, architecture and design, legal and regulatory compliance, construction management, sales and customer relationship management. As of March 31, 2026, the company had 198 permanent employees, including its whole-time directors.
Pranav Constructions has been undertaking redevelopment projects since 2012 and has established a presence across Mumbai's Western Suburbs, including markets such as Borivali, Malad, Goregaon, Andheri, Santacruz and Bandra.
Strengths
- Pure-play focus on residential redevelopment in the MCGM region.
- Established presence across Mumbai's Western Suburbs.
- Portfolio of 65 redevelopment projects as of March 31, 2026.
- 28 completed, 20 under-construction and 17 upcoming redevelopment projects.
- Combined total developable area of approximately 5.01 million square feet.
- Capital-efficient business model based on redevelopment agreements with cooperative housing societies.
- Integrated project execution capabilities across multiple stages of redevelopment.
- In-house expertise covering business development, architecture, legal and regulatory compliance, construction management and sales.
- Established customer-centric brand with strong stakeholder management.
- Experienced promoters and professional senior management.
- Track record of consistent financial performance.
- Revenue and PAT have increased across the reported financial periods.
- Strong project pipeline supporting future development activity.
Risks to Consider
- The company's redevelopment activities are highly concentrated in the MCGM region, which contributed approximately 99.70% of revenue from operations in FY2026.
- Concentration in the MCGM region exposes the company to local economic, regulatory, environmental and market-related risks.
- Delays in obtaining approvals, permissions and additional development rights could affect project timelines.
- Inability to complete under-construction and upcoming redevelopment projects on schedule may adversely affect operations and financial performance.
- Project delays may result in additional costs, penalties, litigation and customer dissatisfaction.
- The company's business depends on successful redevelopment agreements with cooperative housing societies.
- Disputes with societies or other stakeholders may delay or affect redevelopment projects.
- The company may face risks associated with selling its inventory within expected timelines.
- Negative operating cash flows were reported in FY2025 and FY2026 due to upfront project-related expenditure.
- Real estate development is working-capital intensive and requires continuous funding for project execution.
- The company has borrowings of approximately ₹258.44 crore as of March 31, 2026.
- Changes in interest rates and financing costs may affect profitability.
- Fluctuations in construction material and labour costs may affect project margins.
- The company operates in a competitive real estate redevelopment market.
- Changes in government regulations, RERA requirements and development policies may affect operations.
- Adverse conditions in the Mumbai real estate market could affect demand and project economics.
- Certain projects have experienced delays and legal or regulatory challenges.
Pranav Constructions Financials (₹ Cr)
Pranav Constructions recorded strong growth in revenue and profitability between FY2024 and FY2026. Revenue increased from ₹449.75 crore in FY2024 to ₹763.93 crore in FY2026, while PAT increased from ₹39.62 crore to ₹71.32 crore. Total assets increased from ₹966.80 crore to ₹1,799.19 crore and net worth increased from ₹88.37 crore to ₹246.70 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 449.75 | 39.62 | 966.80 | 88.37 |
| FY2025 | 638.24 | 62.25 | 1,246.29 | 175.59 |
| FY2026 | 763.93 | 71.32 | 1,799.19 | 246.70 |
KPIs & Valuation
At the upper issue price of ₹124, Pranav Constructions reported FY2026 pre-issue EPS of ₹8.18 and post-issue EPS of ₹6.33. The corresponding P/E ratios are approximately 15.16x and 19.59x. FY2026 RoNW was 33.78%, ROE was 33.78%, ROCE was 24.34%, EBITDA margin was 17.18% and PAT margin was 9.37%.
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue primarily towards funding redevelopment expenses and repayment or pre-payment of certain borrowings. The balance is proposed to be used for acquisition of future redevelopment projects and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Funding costs towards government and statutory approvals, purchase of additional FSI, alternate accommodation and hardship compensation for certain under-construction and upcoming redevelopment projects – ₹145.72 crore.
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company – ₹91.50 crore.
- Funding acquisition of future redevelopment projects and general corporate purposes – balance amount.
- Meeting issue-related expenses from the issue proceeds.
Promoters, Lead Managers & Registrar
Pranav Constructions Limited is promoted by Pranav Kiran Ashar and Ravi Ramalingam. Centrum Broking Limited and PNB Investment Services Limited are the Book Running Lead Managers to the Issue, while KFin Technologies Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 1563 / 1800 309 4001 |
| pcpl.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Pranav Constructions IPO Review
Pranav Constructions reported revenue of ₹449.75 crore in FY2024, ₹638.24 crore in FY2025 and ₹763.93 crore in FY2026. Profit after tax increased from ₹39.62 crore in FY2024 to ₹62.25 crore in FY2025 and ₹71.32 crore in FY2026.
EBITDA increased from ₹59.73 crore in FY2024 to ₹98.54 crore in FY2025 and ₹130.83 crore in FY2026. EBITDA margin improved from approximately 13.35% in FY2024 to 15.49% in FY2025 and 17.18% in FY2026.
Net worth increased from ₹88.37 crore in FY2024 to ₹175.59 crore in FY2025 and ₹246.70 crore in FY2026. Total assets increased from ₹966.80 crore in FY2024 to ₹1,246.29 crore in FY2025 and ₹1,799.19 crore in FY2026.
The company's business model is focused on residential redevelopment rather than traditional land acquisition-led development. By entering into redevelopment agreements with cooperative housing societies, the company can undertake projects without the same level of upfront land acquisition expenditure associated with conventional development.
As of March 31, 2026, the company had 65 redevelopment projects across the MCGM region, comprising 28 completed, 20 under construction and 17 upcoming projects. The combined developable area was approximately 5.01 million square feet.
The company has also developed in-house capabilities covering tendering, pre-construction, construction and post-construction activities. This integrated approach supports control over several stages of project execution.
At the upper price band of ₹124, the reported FY2026 EPS is ₹8.18 on a pre-issue basis and ₹6.33 on a post-issue basis. The corresponding P/E ratios are approximately 15.16x and 19.59x respectively.
For FY2026, the company reported RoNW and ROE of 33.78%, ROCE of 24.34%, EBITDA margin of 17.18% and PAT margin of 9.37%. Debt-to-equity was approximately 1.08x and NAV was approximately ₹28.30 per share.
The financial performance has shown strong growth across FY2024 to FY2026, while the redevelopment portfolio provides a sizeable project pipeline. However, investors should also consider the company's high geographic concentration in the MCGM region, negative operating cash flows, project execution risks and borrowings while evaluating the IPO.
How to Apply
Pranav Constructions IPO applications can be made through the applicable ASBA and UPI-supported IPO application process. Individual Investors can apply for a minimum of 1 lot, or 120 shares, at the upper price band of ₹124, requiring ₹14,880.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Pranav Constructions IPO.
- Enter the required number of lots.
- Enter the bid price or select the Cut-off option where permitted.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until the allotment process is completed.
Prospectus & Documents
Pranav Constructions Limited has published its IPO-related filings and financial information through its official investor-relations section. Investors can refer to the company's offer documents and the regulatory filings for information relating to the issue, business operations, financial statements, risk factors and objects of the issue.
Last updated Sep 3, 2026.