Pranav Constructions’ ₹351-crore IPO received strong investor demand on the first day of bidding. The issue will remain open until September 9, with a price band of ₹118–124 per share.
Highlights
- Pranav Constructions IPO was subscribed 5.69 times on Day 1.
- The issue received bids for 12.78 crore shares against 2.24 crore shares on offer.
- Non-institutional investors (NIIs) subscribed their portion 10.60 times.
Pranav Constructions Ltd’s initial public offering (IPO) received a strong response from investors on the first day of bidding on Monday, September 7. The ₹351-crore public issue was subscribed 5.69 times by the end of the day.
According to subscription data, the IPO received bids for 12,78,82,920 shares against 2,24,63,137 shares available for subscription.
Demand was particularly strong from non-institutional investors (NIIs). The portion reserved for NIIs was subscribed 10.60 times, making it the most heavily subscribed investor category on the first day.
Retail investors also showed strong interest, with their reserved portion receiving 5.76 times subscription. Meanwhile, the quota reserved for qualified institutional buyers (QIBs) was subscribed 87%.
Ahead of the public issue, Pranav Constructions raised ₹84.24 crore from anchor investors on Friday.
The company has fixed the IPO price band at ₹118 to ₹124 per equity share. The issue opened for subscription on September 7 and will close on September 9.
The IPO comprises a fresh issue of shares worth ₹315.6 crore along with an offer for sale (OFS) of 28.5 lakh equity shares. At the upper end of the price band, the OFS is valued at around ₹35.43 crore.
Investor shareholder BioUrja India Infra is selling shares through the OFS component.
Pranav Constructions is a real estate developer with a focus on redevelopment projects under the Municipal Corporation of Greater Mumbai. Its operations are concentrated primarily in Mumbai’s western suburbs.
The strong first-day subscription, particularly from NIIs and retail investors, indicates healthy initial demand for the public issue. Investor attention will now remain on subscription trends over the remaining bidding period, especially participation from institutional investors.
