Pranav Constructions IPO

Pranav Constructions Limitedpranavconstructions.com

ListedMainboardReal EstateNSE · BSE

Price band: ₹118 – ₹124
Issue size: ₹351 Cr
Lot size: 120 sh
Bidding: 7 – 9 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

The company describes itself as a redeveloper of ageing residential buildings in Mumbai, signing agreements with cooperative housing societies and selling the surplus flats the extra floor-space entitlement creates; as of 31 March 2026 the record puts the portfolio at 65 projects totalling about 5.01 million sq ft, of which 28 were completed, 20 under construction and 17 upcoming. Revenue from operations was Rs 447.48 Cr in FY24, Rs 636.27 Cr in FY25 and Rs 761.60 Cr in FY26, with EBITDA of Rs 59.73 Cr, Rs 98.54 Cr and Rs 130.83 Cr over the same three years. The Rs 351.03 Cr issue was subscribed 126.33 times on its final bidding day, 9 September 2026, and listed on 15 September 2026 at Rs 165 against a band top of Rs 124. It last traded at Rs 86.33 on 23 October 2026, 30.38% below that Rs 124 band top.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

70Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Pranav Constructions, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2003 · Goregaon (West), Mumbai, Maharashtra 400104 · 198 employees

Pranav Constructions redevelops ageing residential buildings in Mumbai. It signs redevelopment agreements with cooperative housing societies, demolishes the existing structure, and builds a new one — giving the society's original members replacement flats and keeping the surplus apartments that the extra floor-space entitlement creates. Those surplus flats are sold on the open market, across economical (up to ₹1.5 crore), mid-and-mass (₹1.5-3 crore) and aspirational (₹3-7 crore) price points. Almost all of the work sits inside the Municipal Corporation of Greater Mumbai area, concentrated in the western suburbs — Goregaon, Malad, Kandivali, Andheri, Borivali, Santacruz. As of 31 March 2026 the portfolio held 65 projects totalling about 5.01 million sq ft: 28 completed, 20 under construction, 17 upcoming, and the company had 198 permanent employees.

Income comes from selling the surplus flats a redevelopment creates; development rights are acquired through society agreements rather than land purchases, so little capital goes into land. Revenue from operations was ₹761.60 crore in FY26, ₹636.27 crore in FY25 and ₹447.48 crore in FY24. Cost of projects was ₹635.47 crore in FY26 and EBITDA margin 17.18%; beyond construction, a redevelopment also funds statutory approvals, purchased FSI, and alternate-accommodation and hardship compensation for displaced members. The structural squeeze is cash timing plus concentration: operating cash flow was negative ₹41.19 crore in FY26 and negative ₹92.60 crore in FY25, borrowings stood at ₹258.44 crore, and 99.70% of FY26 revenue came from the MCGM region.

The company on paper

Legal name: Pranav Constructions Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 31 Jul 2003
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U70101MH2003PLC141547
Sector: Real Estate · Residential redevelopment of cooperative-housing buildings in Mumbai
Employees: 198
Registered office: Goregaon (West), Mumbai, Maharashtra 400104
Promoters: Pranav Kiran Ashar, Ravi Ramalingam
Promoter holding, pre-issue: 63.4%
Promoter holding, post-issue: 49.0%
Website: pranavconstructions.com

The numbers

Financial performance

Revenue has compounded at 30.5% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

90% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹316 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹35.43 Cr
Total issue size: ₹351 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 14.3% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription126.33×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹124.00
Listed at: ₹165.00
Listing gain: up 33.1%
Since listing: down 43.6%
Against the issue price: down 25.0%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 120
At cut-off price: ₹124.00
Amount blocked: ₹14,880

One lot is 120 shares at ₹14,880. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~2%

chance of one lot, per application

Retail subscription: 45.30×
Applicants per share available: 45.3× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹165.00

listed at, 33.1% against the issue price

Issue price: ₹124.00
Premium said: —
If allotted 120 shares: ₹4,920

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations was Rs 447.48 Cr in FY24, Rs 636.27 Cr in FY25 and Rs 761.60 Cr in FY26 — a rise of 42.19% in FY25 and a further 19.70% in FY26.
EBITDA was Rs 59.73 Cr on Rs 447.48 Cr of revenue in FY24 (13.35%), Rs 98.54 Cr on Rs 636.27 Cr in FY25 (15.49%) and Rs 130.83 Cr on Rs 761.60 Cr in FY26 (17.18%), so the margin was higher in each successive year the record carries.
Net worth was Rs 88.37 Cr in FY24, Rs 175.59 Cr in FY25 and Rs 246.70 Cr in FY26. Set against it, borrowings worked out at 1.12 times in FY24 (Rs 99.34 Cr on Rs 88.37 Cr), 1.12 times in FY25 (Rs 196.50 Cr on Rs 175.59 Cr) and 1.05 times in FY26 (Rs 258.44 Cr on Rs 246.70 Cr).
On the final bidding day, 9 September 2026, the qualified-institutional portion was subscribed 268.54 times, the non-institutional portion 217.73 times and the retail portion 45.30 times, for 126.33 times overall.

What to weigh against it

The business description reports operating cash flow of negative Rs 92.60 Cr in FY25 and negative Rs 41.19 Cr in FY26, against profit after tax of Rs 62.25 Cr and Rs 71.32 Cr in those same two years. The financials table itself carries no cash-flow line, and no FY24 cash-flow figure appears anywhere in the record.
Borrowings were Rs 99.34 Cr in FY24, Rs 196.50 Cr in FY25 and Rs 258.44 Cr in FY26; the FY26 figure is 2.60 times the FY24 level.
The business description states that 99.70% of FY26 revenue came from the Municipal Corporation of Greater Mumbai region, describes almost all of the work as sitting inside that area and concentrated in the western suburbs, and names cash timing plus concentration as the structural squeeze.
Profit after tax was Rs 39.62 Cr in FY24, Rs 62.25 Cr in FY25 and Rs 71.32 Cr in FY26 — a rise of 57.12% and then 14.57%. EBITDA over the same two steps rose 64.98% (Rs 59.73 Cr to Rs 98.54 Cr) and 32.77% (to Rs 130.83 Cr).

Easy to miss in the prospectus

The price trail on record runs Rs 165 at listing on 15 September 2026, Rs 132 at the first day's close, and Rs 86.33 on 23 October 2026 — 47.68% below the listing price and 34.60% below the day-one close.
Only the final bidding day appears in the subscription table; the anchor, grey-market and category-allocation fields of the record are all empty.
The record carries no valuation metrics, no peer set and no stated objects of the offer. The issue itself is recorded as Rs 315.60 Cr fresh plus Rs 35.43 Cr offer-for-sale, Rs 351.03 Cr in all, with promoter holding at 63.35% before the issue and 49.03% after.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Centrum Broking Limited, PNB Investment Services Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 5 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 7 Sep 2026
Closes: 9 Sep 2026
Allotment: 10 Sep 2026
Lists: 15 Sep 2026
Revenue (FY26): ₹762 Cr
Profit (FY26): ₹71.32 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.