Pranav Constructions Limited IPO

What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.

1. 01Funding 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 of our Under-construction Redevelopment Projects, and certain of our Upcoming Redevelopment Projects
   ₹145.72 Cr
2. 02Repayment or pre-payment, in full or in part, of certain of our outstanding borrowings availed by our Company
   ₹91.5 Cr
3. 03Funding acquisition of future redevelopment projects and general corporate purposes
   ₹42.57 Cr

Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.

Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.

Pranav Constructions is a Mumbai-based real estate company primarily engaged in redevelopment projects in the Municipal Corporation of Greater Mumbai (MCGM) region. The company focuses on redeveloping existing residential properties by demolishing older structures and constructing new premises for existing occupants and homes for sale. Its projects cater to the economical, mid- and mass, and aspirational housing segments. As of March 31, 2026, its portfolio comprised 65 redevelopment projects, including 28 completed projects, 20 under-construction projects, and 17 upcoming projects. These projects had a combined total developable area of approximately 5.01 million square feet. The company predominantly operates in the western suburbs of Mumbai, including Vile Parle, Santacruz, Juhu, Andheri, Jogeshwari, Goregaon, Malad, Kandivali, Borivali, and Dahisar. Pranav Constructions follows an integrated redevelopment model and handles activities across tendering, pre-construction, construction, and post-construction stages. It began undertaking redevelopment projects in 2012. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS).​ Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding 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 of the under-construction and certain upcoming redevelopment projects — Rs 145.72 crore Repayment or pre-payment, in full or in part, of certain of the outstanding borrowings availed by the company — Rs 91.5 crore Funding acquisition of future redevelopment projects and general corporate purposes.