Pranav Constructions IPO: Rs 351 Cr Issue Opens Sep 7

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Sep 02, 2026 15:31

Pranav Constructions' Rs 351 crore IPO opens Sept 7-9 with shares priced at Rs 118-124. Funds will fuel Mumbai redevelopment projects.

Pranav Constructions IPO: Rs 351 Cr Issue Opens Sep 7

Illustration: Dominic Xavier/Rediff.com

Key Points

Pranav Constructions' Rs 351-crore IPO will open on September 7 with a price band of Rs 118-124 per share.
The IPO comprises a fresh issue of Rs 315.6 crore and an Offer for Sale of Rs 35.43 crore.
Proceeds from the IPO will be used for project approvals, FSI purchase, debt repayment, and acquiring new redevelopment projects.
Pranav Constructions specializes in real estate redevelopment projects in Mumbai's Western suburbs.

New Delhi, Sep 2 (PTI) Real estate developer Pranav Constructions on Wednesday fixed a price band of Rs 118 to Rs 124 per share for its over Rs 351-crore initial public offering (IPO).

The company's IPO will open for public subscription on September 7 and conclude on September 9. The bidding for anchor investors will take place on February 4.

The IPO comprises a fresh issue of Rs 315.6 crore and an Offer for sale of 28.57 lakh equity shares worth RsÂ 35.43 crore by investor shareholder BioUrja India Infra. This brings the total issue size to Rs 351 crore, the company announced.

As per the red herring prospectus, the company intends to use the proceeds from its fresh issuance to obtain government and statutory approvals, purchase additional FSI, compensate members for alternate accommodation, and address hardship compensation for certain under-construction and upcoming redevelopment projects.

Additionally, funds will be used for debt repayment, acquiring future redevelopment projects, and covering general corporate expenses.

Pranav ConstructionsÂ is a leading real estate developer, particularly in the Municipal Corporation of Greater Mumbai (MCGM) redevelopment segment in Mumbai's Western suburbs. It specialises in redevelopment projects catering to economical, mid and mass, and aspirational housing segments.

Centrum Capital and PNB Investment Services are the book-running lead managers. The equity shares are proposed to be listed on the BSE and NSE.

Source: PTI By Rediff Money Desk, New Delhi

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