Pranav Constructions IPO is a book-built mainboard public issue of Pranav Constructions Limited. The company is a Mumbai-based real estate developer focused primarily on redevelopment projects in the Municipal Corporation of Greater Mumbai (MCGM) Region, with a predominant presence in the Western Suburbs.
The IPO will open for subscription on 7 September 2026 and close on 9 September 2026. The price band has been fixed at ₹118 to ₹124 per equity share, with a face value of ₹10 per share. The equity shares are proposed to be listed on both the BSE and NSE, with NSE designated as the stock exchange for the issue.
The total offer comprises 2,83,08,481 equity shares. It includes a fresh issue of 2,54,51,612 equity shares aggregating up to ₹315.60 crore at the upper price band and an offer for sale of 28,56,869 equity shares by the selling shareholder. At the upper price band of ₹124, the total issue size is approximately ₹351.03 crore.
Pranav Constructions IPO Details
| Particular | Details |
|---|---|
| IPO Name | Pranav Constructions IPO |
| Company Name | Pranav Constructions Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹118 to ₹124 Per Share |
| Total Issue Size | ₹351.03 Crore |
| Total Issue Shares | 2,83,08,481 Equity Shares |
| Fresh Issue | 2,54,51,612 Equity Shares |
| Fresh Issue Value | ₹315.60 Crore |
| Offer for Sale | 28,56,869 Equity Shares |
| OFS Value at ₹124 | ₹35.43 Crore |
| IPO Open Date | 7 September 2026 |
| IPO Close Date | 9 September 2026 |
| Basis of Allotment | 10 September 2026 |
| Refund Initiation | 11 September 2026 |
| Demat Credit | 11 September 2026 |
| Listing Date | 15 September 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 120 Shares |
| Minimum Retail Application | 1 Lot |
| Minimum Retail Shares | 120 Shares |
| Minimum Retail Investment | ₹14,880 |
| Lead Managers | Centrum Broking Limited; PNB Investment Services Limited |
| Registrar | KFin Technologies Limited |
The fresh issue proceeds will be available to Pranav Constructions, while the proceeds from the offer for sale will go to the selling shareholder. The company has proposed to use the fresh issue proceeds primarily for redevelopment-related expenditure, repayment or prepayment of borrowings and other permitted corporate purposes.
Pranav Constructions IPO Dates & Timeline
| IPO Event | Date |
|---|---|
| IPO Opening Date | 7 September 2026 |
| IPO Closing Date | 9 September 2026 |
| Basis of Allotment | 10 September 2026 |
| Refund Initiation | 11 September 2026 |
| Credit of Shares to Demat | 11 September 2026 |
| Listing Date | 15 September 2026 |
The IPO is scheduled to open on 7 September and close on 9 September 2026. The basis of allotment is expected on 10 September, followed by refund initiation and demat credit on 11 September. Listing is scheduled for 15 September 2026.
Pranav Constructions IPO Price Band
The Pranav Constructions IPO price band is fixed at ₹118 to ₹124 per equity share.
| Particular | Amount |
|---|---|
| Face Value | ₹10 |
| Lower Price Band | ₹118 |
| Upper Price Band | ₹124 |
| Fresh Issue at Upper Band | ₹315.60 Crore |
| OFS at Upper Band | ₹35.43 Crore |
| Total Issue Size at Upper Band | ₹351.03 Crore |
The total issue value at the upper price band is calculated from 2,83,08,481 shares offered at ₹124 per share.
Pranav Constructions IPO Lot Size
The Pranav Constructions IPO lot size is 120 shares. Retail investors can apply for a minimum of one lot and up to 13 lots.
| Application | Lots | Shares | Amount at ₹124 |
|---|---|---|---|
| Retail Minimum | 1 | 120 | ₹14,880 |
| Retail Maximum | 13 | 1,560 | ₹1,93,440 |
| S-HNI Minimum | 14 | 1,680 | ₹2,08,320 |
| S-HNI Maximum | 67 | 8,040 | ₹9,96,960 |
| B-HNI Minimum | 68 | 8,160 | ₹10,11,840 |
The minimum retail investment at the upper price band is ₹14,880.
Pranav Constructions IPO Reservation
| Investor Category | Shares Offered | Percentage |
|---|---|---|
| QIB | 1,13,23,357* | 40% |
| NII | 42,46,272 | 15% |
| Retail | 1,27,38,817 | 45% |
| Total | 2,83,08,481 | 100% |
*The QIB portion includes the anchor investor allocation, subject to the final allocation structure disclosed for the issue. The public issue reserves 40% for QIBs, 15% for NIIs and 45% for retail investors.
About Pranav Constructions Limited
Pranav Constructions Limited is a Mumbai-based real estate company specialising in redevelopment projects in the MCGM Region. Its operations are predominantly concentrated in Mumbai’s Western Suburbs.
The company commenced its redevelopment activities in 2012 and focuses on redevelopment rather than conventional greenfield land acquisition. It works with cooperative housing societies to redevelop existing properties and construct new premises for existing occupants as well as additional homes for sale.
The company caters to three broad housing segments: Economical, Mid and Mass, and Aspirational homes. Its redevelopment model covers tendering, pre-construction, construction and post-construction activities through an integrated operating structure.
As of 31 March 2026, Pranav Constructions had a portfolio of 65 redevelopment projects across the MCGM Region, consisting of 28 completed projects, 20 under-construction projects and 17 upcoming projects. The combined developable area was approximately 5.01 million square feet.
Pranav Constructions Business Operations
Pranav Constructions follows a pure-play redevelopment business model.
The company’s redevelopment process broadly involves:
- Identifying redevelopment opportunities.
- Participating in tenders and negotiations with housing societies.
- Entering into redevelopment agreements.
- Obtaining required regulatory and statutory approvals.
- Managing pre-construction activities.
- Construction and project execution.
- Marketing and sale of additional inventory.
- Completion and handover of redevelopment projects.
The company has developed in-house capabilities covering business development, architecture and design, legal and regulatory compliance, construction management, sales and marketing. The company also has an in-house architecture team.
Pranav Constructions Project Portfolio
As of 31 March 2026, the company reported 65 redevelopment projects.
| Project Status | Number of Projects | Developable Area |
|---|---|---|
| Completed | 28 | 1.42 million sq. ft. |
| Under Construction | 20 | 1.63 million sq. ft. |
| Upcoming | 17 | 1.96 million sq. ft. |
| Total | 65 | 5.01 million sq. ft. |
The portfolio provides a combination of completed projects, projects currently under development and a pipeline of upcoming redevelopment opportunities.
Pranav Constructions Market Position
According to the industry information disclosed in connection with the IPO, Pranav Constructions ranked first in the MCGM Region based on combined supply in MCGM redevelopment projects launched between CY2021 and Q1 CY2026. It ranked second based on supply in projects launched between CY2017 and Q1 CY2026.
The company had 34 MCGM redevelopment projects and 1,864 units across completed and under-construction projects launched between CY2017 and Q1 CY2026.
Pranav Constructions Redevelopment Model
Unlike a traditional real estate developer that generally acquires land before construction, Pranav Constructions primarily works through redevelopment agreements with cooperative housing societies.
Under this model, existing properties are redeveloped and new premises are provided to existing occupants, while additional units can be developed for sale.
This approach can reduce the need for outright land acquisition and allows the company to focus capital on project development, approvals, construction and related activities.
Pranav Constructions IPO Objects of the Issue
The company proposes to use the net proceeds from the fresh issue for redevelopment-related expenses, repayment or prepayment of borrowings and other permitted purposes.
| Object of the Issue | Amount |
|---|---|
| Funding Redevelopment Expenses | ₹145.72 Crore |
| Repayment / Prepayment of Certain Borrowings | ₹91.50 Crore |
| Funding Acquisition of Future Redevelopment Projects & General Corporate Purposes | Balance Amount |
The ₹145.72 crore redevelopment allocation includes costs related to government and statutory approvals, purchase of additional FSI, alternate accommodation and hardship compensation for members associated with certain under-construction and upcoming redevelopment projects.
Redevelopment Expenses
The largest identified use of the IPO proceeds is funding redevelopment expenses.
The company plans to deploy ₹145.72 crore toward government and statutory approvals, additional FSI and compensation-related expenses associated with selected projects.
This expenditure is directly connected with progressing its redevelopment portfolio.
Debt Repayment
The company proposes to use ₹91.50 crore toward repayment or prepayment, fully or partly, of certain borrowings.
Reducing borrowings can help lower the company’s financial obligations and may improve its balance-sheet position, although the company continues to operate with meaningful leverage.
Future Redevelopment Projects
The remaining proceeds are intended for acquisition of future redevelopment projects and general corporate purposes.
This provides the company with additional flexibility to pursue opportunities in its core redevelopment market.
Pranav Constructions IPO Financials
Pranav Constructions has reported consistent growth in revenue and profit over the last three financial years.
Total income increased from ₹449.75 crore in FY2024 to ₹638.24 crore in FY2025 and further to ₹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.
Pranav Constructions Financial Performance
₹ in Crore
| Particular | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 447.48 | 636.27 | 761.60 |
| Total Income | 449.75 | 638.24 | 763.93 |
| EBITDA | 59.73 | 98.54 | 130.83 |
| Profit After Tax | 39.62 | 62.25 | 71.32 |
| Net Worth | 88.37 | 175.59 | 246.70 |
| Total Assets | 966.80 | 1,246.29 | 1,799.19 |
| Total Borrowings | 99.34 | 196.50 | 258.44 |
| Reserves & Surplus | 84.70 | 88.41 | 159.52 |
The financial figures show substantial growth in revenue, EBITDA, PAT, assets and net worth between FY2024 and FY2026.
Pranav Constructions Financial Highlights
Revenue from operations increased from ₹447.48 crore in FY2024 to ₹761.60 crore in FY2026. PAT increased from ₹39.62 crore to ₹71.32 crore over the same period.
EBITDA increased from ₹59.73 crore in FY2024 to ₹130.83 crore in FY2026, while net worth increased from ₹88.37 crore to ₹246.70 crore.
However, borrowings also increased from ₹99.34 crore in FY2024 to ₹258.44 crore in FY2026. This makes the company’s leverage and cash-flow management important factors for investors to monitor.
Pranav Constructions IPO Key Performance Indicators
| KPI | FY2026 | FY2025 |
|---|---|---|
| ROE | 33.78% | 47.17% |
| ROCE | 24.34% | 24.83% |
| RoNW | 33.78% | 47.17% |
| PAT Margin | 9.37% | 9.78% |
| EBITDA Margin | 17.18% | 15.49% |
| Debt/Equity | 1.08 | 1.15 |
| NAV | ₹28.30 | ₹20.14 |
The FY2026 numbers show a strong return on net worth and improvement in EBITDA margin, while the debt-to-equity ratio improved from 1.15 to 1.08.
Pranav Constructions IPO Valuation
At the upper price band of ₹124, the company’s post-issue market capitalisation is approximately ₹1,396.52 crore.
Based on FY2026 earnings, the pre-issue EPS is ₹8.18 and the post-issue EPS is ₹6.33. The corresponding P/E ratios are approximately 15.16x pre-issue and 19.59x post-issue.
| Valuation Parameter | Value |
|---|---|
| Upper Price Band | ₹124 |
| Pre-IPO EPS | ₹8.18 |
| Post-IPO EPS | ₹6.33 |
| Pre-IPO P/E | 15.16x |
| Post-IPO P/E | 19.59x |
| NAV | ₹28.30 |
| ROE | 33.78% |
| ROCE | 24.34% |
| Debt/Equity | 1.08x |
| Market Capitalisation | ₹1,396.52 Crore |
Investors should compare these valuation metrics with the company’s growth prospects, redevelopment pipeline, leverage, execution capabilities and the valuation of relevant listed real estate companies.
Pranav Constructions IPO GMP
Pranav Constructions IPO GMP is an unofficial grey-market indicator and is not determined by the stock exchanges.
The reported GMP was around ₹27 per share on 3 September 2026, with the upper price band at ₹124. This would indicate an unofficial implied price of around ₹151, but this is only a grey-market indication and not a guaranteed listing price.
| Particular | Value |
|---|---|
| Upper IPO Price | ₹124 |
| Reported GMP | Around ₹27 |
| Indicative GMP-Based Price | Around ₹151 |
| Indicative Premium | Around 21.77% |
GMP can change rapidly before and during the IPO and should not be treated as a prediction of the actual listing price.
Pranav Constructions IPO Subscription Status
The Pranav Constructions IPO has not yet opened as of 4 September 2026. The subscription period is scheduled from 7 September to 9 September 2026.
| Investor Category | Subscription |
|---|---|
| QIB | Not Yet Open |
| NII | Not Yet Open |
| Retail | Not Yet Open |
| Total | Not Yet Open |
Final subscription figures should be updated after the IPO closes. No unverified interim figure should be presented as the final subscription status.
Pranav Constructions IPO Allotment
The basis of allotment is scheduled for 10 September 2026.
Investors receiving an allotment should see the shares credited to their demat accounts on the scheduled credit date, while funds for unsuccessful applications are expected to be released according to the issue process.
| Event | Date |
|---|---|
| IPO Closing | 9 September 2026 |
| Basis of Allotment | 10 September 2026 |
| Refund Initiation | 11 September 2026 |
| Demat Credit | 11 September 2026 |
| Listing | 15 September 2026 |
How to Check Pranav Constructions IPO Allotment Status
Investors can check the allotment status after the basis of allotment has been finalised.
Through the Registrar
- Visit the IPO allotment facility of the registrar.
- Select Pranav Constructions Limited.
- Select the required identification option.
- Enter the PAN, application number or other requested details.
- Submit the information.
- Check the allotment status.
KFin Technologies Limited is the registrar to the issue.
Through the Stock Exchange
Investors may also check their application status through the relevant exchange facility once the allotment data becomes available.
Pranav Constructions IPO Listing
Pranav Constructions shares are scheduled to list on 15 September 2026 on the BSE and NSE.
The actual listing price will be determined by market demand and trading conditions on the listing day.
| Particular | Details |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 15 September 2026 |
| Issue Price | ₹118–₹124 |
| Actual Listing Price | To be announced |
| Listing Gain | To be announced |
| Listing Gain % | To be announced |
The reported GMP-based price should not be confused with the actual listing price.
Pranav Constructions IPO Anchor Investors
The anchor bidding date for Pranav Constructions IPO is 4 September 2026.
The anchor investor allocation is part of the QIB portion of the issue. Final anchor investor allocation details should be considered only after the company releases the applicable allocation information.
| Particular | Details |
|---|---|
| Anchor Bidding Date | 4 September 2026 |
| QIB Allocation | 40% |
| Anchor Investor Shares | To be announced |
| Anchor Amount | To be announced |
The company has scheduled the anchor bidding one working day before the public issue opens.
Pranav Constructions IPO Promoters
The promoters of Pranav Constructions Limited are Pranav Kiran Ashar and Ravi Ramalingam.
| Promoter | Position |
|---|---|
| Pranav Kiran Ashar | Chairman & Managing Director |
| Ravi Ramalingam | Whole-time Director |
Pranav Kiran Ashar has been associated with the company since its incorporation and has more than two decades of real estate experience. Ravi Ramalingam is a chartered accountant and has extensive experience in finance and accounting.
Pranav Constructions Shareholding
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter & Promoter Group | 63.35% | 48.54% |
| Other Shareholders | 36.65% | 51.46% |
| Total | 100% | 100% |
The fresh issue will increase the company’s paid-up equity share capital, resulting in dilution of the promoter and promoter-group holding after the IPO.
Pranav Constructions IPO Lead Managers
| Particular | Details |
|---|---|
| Lead Manager 1 | Centrum Broking Limited |
| Lead Manager 2 | PNB Investment Services Limited |
| Role | Book Running Lead Managers |
| Listing | BSE & NSE |
The two institutions are the joint book running lead managers for the IPO.
Pranav Constructions IPO Registrar
| Particular | Details |
|---|---|
| Registrar | KFin Technologies Limited |
| Role | Registrar to the Issue |
| Registered Office | Hyderabad, Telangana |
| IPO | Pranav Constructions Limited |
KFin Technologies Limited is appointed as the registrar to the Pranav Constructions IPO.
Pranav Constructions Company Details
| Particular | Details |
|---|---|
| Company Name | Pranav Constructions Limited |
| Former Name | Pranav Constructions Private Limited |
| CIN | U70101MH2003PLC141547 |
| Incorporation Date | 31 July 2003 |
| Conversion to Public Company | July 2024 |
| Registered & Corporate Office | Unit No. 1001, 10th Floor, DLH Park, Near MTNL, S.V. Road, Goregaon West, Mumbai – 400 104 |
| Industry | Real Estate / Redevelopment |
| Promoters | Pranav Kiran Ashar and Ravi Ramalingam |
| Listing Platform | BSE & NSE |
| Company website | https://www.pranavconstructions.com/ |
The company was originally incorporated as Pranav Constructions Private Limited on 31 July 2003 and was converted into a public limited company in July 2024.
Pranav Constructions IPO Strengths
- Established presence in Mumbai’s redevelopment market.
- Redevelopment operations commenced in 2012.
- Focused primarily on the MCGM Region.
- Strong presence in Mumbai’s Western Suburbs.
- Pure-play redevelopment business model.
- Does not primarily depend on outright land acquisition.
- Works with cooperative housing societies through redevelopment agreements.
- Integrated capabilities across tendering, pre-construction, construction and post-construction.
- In-house architecture and project-management capabilities.
- 65 redevelopment projects as of 31 March 2026.
- 28 completed redevelopment projects.
- 20 under-construction projects.
- 17 upcoming redevelopment projects.
- Combined developable area of approximately 5.01 million square feet.
- 34 completed and under-construction MCGM redevelopment projects with 1,864 units in the relevant period.
- Ranked first in the MCGM Region for combined supply in projects launched between CY2021 and Q1 CY2026.
- Strong recent sales velocity.
- Average construction cycle of approximately 26 months across completed redevelopment projects.
- No RERA extension had been applied for any redevelopment project as of 31 March 2026.
- Revenue from operations increased substantially between FY2024 and FY2026.
- PAT increased from ₹39.62 crore to ₹71.32 crore.
- EBITDA increased from ₹59.73 crore to ₹130.83 crore.
- ROE stood at 33.78% in FY2026.
- IPO proceeds will support redevelopment expenditure and debt reduction.
Pranav Constructions IPO Risks
- The company’s operations are highly concentrated in the MCGM Region.
- A significant portion of revenue is dependent on Mumbai redevelopment activity.
- Real estate development involves regulatory and approval risks.
- Redevelopment projects require agreements with housing societies.
- Delays in approvals can affect project timelines and cash flows.
- Changes in development regulations can affect project economics.
- Additional FSI availability and costs can influence project profitability.
- Compensation and alternate accommodation costs may increase.
- Construction delays can increase project costs.
- The company depends on third-party contractors for parts of construction execution.
- Supplier concentration may affect construction-material procurement.
- Real estate demand can be affected by economic conditions and interest rates.
- Property sales depend on customer demand and market conditions.
- The company’s borrowings increased to ₹258.44 crore in FY2026.
- Debt-to-equity stood at 1.08x in FY2026.
- Working-capital requirements can increase as the project pipeline expands.
- Future redevelopment projects may require additional capital.
- Changes in property prices may affect project margins.
- Competition from other Mumbai redevelopment developers remains significant.
- The promoter holding is expected to reduce after the IPO.
- Real estate businesses are exposed to execution, regulatory and market-cycle risks.
- Actual listing performance may differ substantially from grey-market indications.
Pranav Constructions IPO Review 2026
Pranav Constructions has built its business around redevelopment rather than conventional land acquisition. Its focus on Mumbai’s MCGM Region, particularly the Western Suburbs, gives it a clearly defined operating market.
The company’s project portfolio is an important part of the IPO story. As of 31 March 2026, it had 65 redevelopment projects comprising 28 completed, 20 under construction and 17 upcoming projects. The combined developable area was approximately 5.01 million square feet.
The company also has an integrated redevelopment model covering tendering, pre-construction, construction and post-construction activities. This gives it greater control over several stages of project execution.
Financial performance has been positive. Revenue from operations increased from ₹447.48 crore in FY2024 to ₹761.60 crore in FY2026, while PAT increased from ₹39.62 crore to ₹71.32 crore. EBITDA increased from ₹59.73 crore to ₹130.83 crore during the same period.
The IPO proceeds are also directly connected with the company’s core business. ₹145.72 crore is earmarked for redevelopment expenses and ₹91.50 crore for repayment or prepayment of certain borrowings. This means a substantial part of the fresh capital is intended for project execution and financial obligations rather than unrelated expansion.
However, the company remains exposed to the risks inherent in Mumbai redevelopment. Regulatory approvals, redevelopment agreements, construction execution, FSI availability, compensation obligations and property demand can all influence the pace and profitability of projects.
Leverage also needs attention. Total borrowings increased from ₹99.34 crore in FY2024 to ₹258.44 crore in FY2026. The proposed debt repayment should help reduce some of this burden, but investors should continue to monitor borrowing levels and cash generation.
The IPO valuation at the upper band represents a post-issue P/E of approximately 19.59x based on the disclosed post-issue EPS. The valuation needs to be assessed alongside the company’s growth, project pipeline, return ratios and the risks associated with Mumbai’s redevelopment market.
Overall, Pranav Constructions offers exposure to Mumbai’s redevelopment market through an established project pipeline and an integrated business model. Its improving financial performance and sizeable redevelopment portfolio are positives, while regulatory dependence, project execution, leverage and geographic concentration remain important risks.
Pranav Constructions IPO Conclusion
Pranav Constructions IPO is a ₹351.03 crore mainboard public issue comprising a fresh issue of 2,54,51,612 equity shares worth ₹315.60 crore and an offer for sale of 28,56,869 equity shares. The price band is ₹118 to ₹124 per share.
The company is focused on redevelopment projects in Mumbai’s MCGM Region, with a predominant presence in the Western Suburbs. As of 31 March 2026, its portfolio included 65 redevelopment projects with approximately 5.01 million square feet of combined developable area.
The financial performance has shown considerable improvement. Revenue from operations increased from ₹447.48 crore in FY2024 to ₹761.60 crore in FY2026, while PAT increased from ₹39.62 crore to ₹71.32 crore.
The IPO proceeds will primarily support redevelopment expenses and repayment or prepayment of certain borrowings. These uses are closely aligned with the company’s existing business and project pipeline.
At the same time, investors should carefully consider the company’s concentration in Mumbai, regulatory and approval requirements, redevelopment execution risks, borrowings, construction costs and real estate-market conditions.
The IPO is scheduled to open on 7 September 2026, close on 9 September 2026, receive allotment on 10 September 2026 and list on 15 September 2026.
Pranav Constructions IPO FAQs
What is Pranav Constructions IPO?
Pranav Constructions IPO is a book-built mainboard public issue comprising a fresh issue of equity shares and an offer for sale.
What is the Pranav Constructions IPO price band?
The price band is ₹118 to ₹124 per equity share.
What is the Pranav Constructions IPO issue size?
The total issue size is approximately ₹351.03 crore at the upper price band.
What is the Pranav Constructions IPO lot size?
The IPO lot size is 120 shares.
What is the minimum investment in Pranav Constructions IPO?
The minimum retail application is one lot of 120 shares. At ₹124 per share, the minimum investment is ₹14,880.
When is Pranav Constructions IPO allotment?
The basis of allotment is scheduled for 10 September 2026.
When will Pranav Constructions shares be listed?
The shares are scheduled to list on the BSE and NSE on 15 September 2026.
What is Pranav Constructions IPO GMP?
The reported grey-market premium was around ₹27 per share on 3 September 2026. GMP is unofficial and can change before listing.
What does Pranav Constructions Limited do?
Pranav Constructions is a Mumbai-based real estate company focused primarily on redevelopment projects in the MCGM Region, particularly the Western Suburbs.
Who are the promoters of Pranav Constructions?
The promoters are Pranav Kiran Ashar and Ravi Ramalingam.
