Pranav Constructions
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 258.71×
- Big non-institutionalbNII · above ₹10 lakh
- 231.48×
- Small non-institutionalsNII · ₹2–10 lakh
- 160.79×
- Retail individualRII · up to ₹2 lakh
- 41.93×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹45 | +36.29% | ₹4,100 | ₹169 | ₹5,400 |
| 12 Sept 2026 | ₹50 | +40.32% | ₹4,600 | ₹174 | ₹6,000 |
| 11 Sept 2026 | ₹49 | +39.52% | ₹4,500 | ₹173 | ₹5,880 |
| 10 Sept 2026 | ₹52 | +41.94% | ₹4,700 | ₹176 | ₹6,240 |
| 09 Sept 2026 | ₹40 | +32.26% | ₹3,600 | ₹164 | ₹4,800 |
| 08 Sept 2026 | ₹43 | +34.68% | ₹3,900 | ₹167 | ₹5,160 |
| 07 Sept 2026 | ₹42.5 | +34.27% | ₹3,900 | ₹166.5 | ₹5,100 |
| 06 Sept 2026 | ₹44 | +35.48% | ₹4,000 | ₹168 | ₹5,280 |
| 05 Sept 2026 | ₹41 | +33.06% | ₹3,700 | ₹165 | ₹4,920 |
| 04 Sept 2026 | ₹37 | +29.84% | ₹3,400 | ₹161 | ₹4,440 |
| 03 Sept 2026 | ₹31 | +25.00% | ₹2,800 | ₹155 | ₹3,720 |
| 02 Sept 2026 | ₹27 | +21.77% | ₹2,500 | ₹151 | ₹3,240 |
| 01 Sept 2026 | ₹23 | 0.00% | ₹0 | ₹23 | ₹2,760 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 07 Sept 2026 – 09 Sept 2026
- Listing date
- 15 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹118 – ₹124
- Lot size
- 120 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹367 Cr
- Fresh issue
- ₹316 Cr 2,54,51,612 shares
- Offer for sale
- ₹35.43 Cr 28,56,869 shares
- Market cap at offer price
- ₹1,397 Cr
- Promoter holding
- 63.35% → 49.03% pre-issue → post-issue
- ISIN
- INE0H4201019
- CIN
- U70101MH2003PLC141547
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Centrum Capital Ltd.
- Registered office
- Unit No. 1001, 10th Floor, DLH Park, Near MTNL, S.V. Road, Goregaon (West), Mumbai – 400 104, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 47,01,558 | 20.93% | 20.93% |
| Anchor investor · within QIB | 67,94,034 | — | 30.25% |
| NII (HNI) | 44,40,395 | 19.77% | 19.77% |
| bNII > ₹10L · within NII | 29,60,264 | — | 13.18% |
| sNII < ₹10L · within NII | 14,80,131 | — | 6.59% |
| Retail (RII) | 1,33,21,184 | 59.30% | 59.30% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 2,24,63,137 | — | 100.00% |
Net offer to the public of 2,24,63,137 shares, out of a total issue of 2,24,63,137. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 120 shares per lot, in multiples, at ₹124
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹124 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.18 | 6.33 |
| P/E (×) | 15.16 | 19.59 |
| Market cap | — | ₹1,397 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 47.17%
- ROCE
- 24.83%
- Debt / equity
- 1.15
- PAT margin
- 9.78%
- EBITDA margin
- 15.49%
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 763.93 | 638.24 | 449.75 |
| Revenue from operations | 761.6 | 636.27 | 447.48 |
| Other income | 2.33 | 1.97 | 2.27 |
| Total expenses | 669.99 | 566.16 | 410.65 |
| Operating profit | 93.94 | 72.08 | 39.1 |
| Operating margin | 12.30% | 11.29% | 8.69% |
| Profit before tax | 93.94 | 72.09 | 39.1 |
| Profit after tax | 71.32 | 62.25 | 39.62 |
| PAT margin | 9.34% | 9.75% | 8.81% |
| Balance sheet | |||
| Total assets | 1,799.19 | 1,246.29 | 966.8 |
| Current assets | 1,781.23 | 1,231.36 | 955.9 |
| Current liabilities | 1,541.76 | 1,064.67 | 873.33 |
| Total liabilities | 1,552.49 | 1,070.7 | 878.44 |
| Net worth | 246.7 | 175.59 | 88.37 |
| Current ratio | 1.16× | 1.16× | 1.09× |
| Return on equity | 28.91% | 35.45% | 44.83% |
| Cash flow | |||
| Operating cash flow | -41.19 | -92.6 | 5.46 |
| Investing cash flow | -5.31 | -0.74 | 19.78 |
| Financing cash flow | 24.63 | 94.17 | 0.57 |
| Net cash flow | -21.87 | 0.83 | 25.82 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Redevelopment Expenses ₹146 Cr
The company proposes to fund 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, in relation to the development of certain Under-construction and Upcoming Redevelopment Projects.
2 Repayment of Outstanding Borrowings ₹91.5 Cr
The company proposes to repay and/or pre-pay, in full or part, certain borrowings availed by the company to help deleverage, reduce debt servicing costs and enable utilisation of internal accruals for further investment in business growth and expansion.
3 Funding Acquisition of Future Redevelopment Projects and General Corporate Purposes —
The company proposes to fund acquisition of future redevelopment projects and general corporate purposes including strategic initiatives, funding growth opportunities, strengthening marketing capabilities, meeting working capital requirements and other business requirements as approved by the Board from time to time.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Pranav Constructions
The company is a leading real estate company in the Western Suburbs of Mumbai, specializing in redevelopment projects. The company focuses on Economical, Mid and Mass, and Aspirational homes, with a portfolio of 65 redevelopment projects across the MCGM Region as of March 31, 2026. The company has adopted an integrated redevelopment model with in-house capabilities and resources to execute projects from initiation to completion.
Management
Pranav Kiran Ashar
MD
Ravi Ramalingam
CEO
Strengths
As stated in the offer document
Among the leading real estate companies in the Western Suburbs with a demonstrated growth and strong pipeline
The company is the leading real estate company based on supply of units and number of completed and under construction MCGM-Redevelopment projects in Western Suburbs, with 1,864 units and 34 projects versus competitors having 4-11 projects each.
Demonstrated project execution capabilities with in-house functional expertise
The company has adopted an integrated Redevelopment model with capabilities to execute projects from initiation to completion, achieving average project construction cycle of 26 months and average sales of 48.60% within first six months of launch.
Capital efficient business model with high barriers to entry
The company enters into Redevelopment agreements with Co-operative Housing Societies enabling capital efficiency by reducing initial financial outlay compared to land acquisition, with initial capital investments as low as 9-13% of total sales value.
Established a customer-centric brand in the Western Suburbs with robust stakeholder management
The company has a proven track record of timely completion with strong execution capabilities and has become a trusted and reliable brand in Western Suburbs, resulting in strong brand recall and customer goodwill.
Track record of consistent financial performance
The company demonstrated growth in profit after tax of 14.57% year-on-year from Fiscal 2025 to 2026 and revenue growth of 19.70% year-on-year, with debt-equity ratio improving from 1.18 to 1.08.
Experienced Promoters and professional senior management with good corporate governance practices
The company is led by experienced Promoters with Pranav Kiran Ashar having 22 years real estate experience and Ravi Ramalingam having 17 years finance experience, supported by professionally qualified management team.
Risk factors
As stated in the offer document
Geographic Concentration Risk in MCGM Region
The company's redevelopment activities are geographically concentrated in the MCGM Region, which accounted for 99.70%, 99.69% and 99.50% of revenue from operations for Fiscal 2026, 2025 and 2024 respectively. The company is exposed to risks from varying market conditions, economic, regulatory changes and natural disasters in this specific region.
Project Completion and Delay Risk
The company's inability to complete its 20 Under-construction and 17 Upcoming Redevelopment Projects by expected completion dates could result in RERA mandated penalties, customer dissatisfaction, and failure to realize expected project economics. Average project construction cycle is 26 months from first commencement certificate to occupation certificate.
Inventory Sales Risk
The company faces risk if unable to sell redevelopment project inventory in a timely manner due to escalating property prices impacting customer purchasing power. As of March 31, 2026, the company had 75 unsold units (12.28% of total 611 units) in Under-construction projects, with some projects having unsold inventory as high as 81.82%.
Supplier Dependency and Material Cost Volatility
The company depends on a limited number of suppliers without formal agreements, with top 10 suppliers contributing 61.78%, 69.80% and 52.50% of total material costs for Fiscal 2026, 2025 and 2024 respectively. Material and construction costs represented 19.65%, 20.29% and 19.70% of total expenses, subject to price volatility and supply disruptions.
Contractor Dependency Risk
The company depends on a limited number of contractors for construction activities, with top 10 contractors contributing 47.10%, 56.41% and 46.92% of total contractor payments for Fiscal 2026, 2025 and 2024 respectively. Any delay or failure by contractors could adversely affect project timelines and quality standards.
Financing and Debt Servicing Risk
The company's business requires significant expenditure funded through bank financing. Total borrowings were ₹2,584.43 million as of March 31, 2026. The company has restrictive covenants and ₹236.04 million in unsecured loans repayable on demand, with personal guarantees of ₹2,272.50 million from promoters.
Negative Operating Cash Flow Risk
The company experienced negative cash flows from operating activities of ₹411.94 million and ₹926.01 million in Fiscal 2026 and 2025 respectively, primarily due to upfront costs before revenue generation. This may adversely affect cash flow requirements and ability to implement growth plans.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Pranav Constructions Limited THIS ISSUE | 8.18 | 28.30 | 19.59, computed at the offer price | — | 33.78% |
| 6.25 | 229.29 | 64.86 | 1.76 | 3.34% | |
| 61.43 | 642.58 | 33.25 | 3.18 | 9.97% | |
| 34.34 | 234.55 | 33.48 | 4.90 | 15.71% | |
| 19.51 | 207.87 | 9.94 | 0.93 | 9.53% | |
| -4.51 | 135.84 | — | 2.87 | -3.73% | |
| 0.29 | 47.51 | 482.59 | 2.96 | 0.60% | |
| 4.76 | 198.04 | 56.64 | 1.36 | 2.45% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E here is computed at the offer price, on the post-issue share count, and is comparable to a listed peer's.