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Pranav Constructions IPO opens with 34.5% grey market premium
The issue, priced in a ₹118-124 band, is aiming to raise ₹351 crore and plans to list on both BSE and NSE on September 15.
Pranav Constructions began accepting bids for its IPO on Monday, September 7, with a grey market premium (GMP) of ₹44 per share, equivalent to 34.5%, according to IPO Watch data cited by LiveMint Markets. Based on the IPO upper price band of ₹124, the shares were viewed as listing around ₹168 per share in the unofficial market.
LiveMint Markets reported that the IPO was subscribed 6 times on Day 1, with 12.89 crore shares bid against 2.15 crore shares on offer, driven primarily by non-institutional investors. Demand levels were split across investor categories, with NIIs subscribing 11.2 times, QIBs at 0.90 times, and the retail portion at 6.10 times.
The public offering combines a fresh equity issuance and an offer for sale, taking the total IPO size to ₹351 crore, LiveMint Markets said. The fresh issue would account for ₹315.6 crore, while investor-shareholder BioUrja India Infra plans to sell 28.57 lakh shares via the OFS component, valued at ₹35.43 crore.
The IPO will close on September 9, with allotment expected on Thursday, September 11, and listing scheduled for September 15 on both BSE and NSE, according to LiveMint Markets. The company said proceeds will be used mainly for redevelopment-related expenses, including regulatory approvals, additional FSI purchases, compensation for alternate accommodation, and hardship compensation, with a portion also earmarked for debt repayment and future funding.