Pranav Constructions Limited IPO — the disclosed details
Opening soon
Pranav Constructions Limited's IPO opens 7 September 2026 and closes 9 September 2026, bidding at Rs 118-124 per share; the Red Herring Prospectus is dated 31 August 2026.
This page restates what Pranav Constructions Limited has filed for its initial public offering — the Red Herring Prospectus dated 31 August 2026 and the price-band announcement of 2 September 2026 — as filed, with no added opinion. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What the company does
Pranav Constructions Limited was incorporated on 31 July 2003 as a private limited company and later converted to a public limited company; its Corporate Identity Number is U70101MH2003PLC141547. Per the RHP, the Company is a Mumbai-focused real-estate redeveloper — it demolishes existing structures on behalf of Co-operative Housing Societies and builds new premises, both for the existing residents and for open-market sale, under Development Control and Promotion Regulations (DCPR) 2034’s redevelopment rules. Citing a Cushman & Wakefield report the Company itself commissioned and paid for, the RHP describes Pranav as the leading redevelopment company in Mumbai’s Western Suburbs by supply of units and number of completed/under-construction projects, with 1,864 units across 34 projects against 4–11 projects for other developers in the same window (CY17–Q1 CY26).
As of 31 March 2026 the Company’s portfolio spanned 65 Redevelopment Projects across the Municipal Corporation of Greater Mumbai (MCGM) region: 28 completed, 20 under construction and 17 upcoming. Its Registered and Corporate Office is at Unit No. 1001, 10th Floor, DLH Park, Near MTNL, S.V. Road, Goregaon (West), Mumbai. The Promoters are Pranav Kiran Ashar (Chairman & Managing Director, 22 years in real estate) and Ravi Ramalingam (17 years in finance and accountancy).
What the money is for
The Fresh Issue — up to Rs 3,156.00 million (~Rs 315.60 Cr) — is proceeds to the Company. The Offer for Sale is a fixed count of up to 28,56,869 Equity Shares by one selling shareholder; that money goes to the selling shareholder, not to the Company.
| Object of the fresh issue | Amount, as filed |
|---|---|
| Funding project costs — statutory approvals, additional FSI purchase, and member compensation (alternate accommodation and hardship) on named Under-construction and Upcoming Redevelopment Projects | Rs 1,457.18 million |
| Repayment / pre-payment of outstanding borrowings | Rs 915.00 million |
| Funding acquisition of future redevelopment projects and general corporate purposes | Balance of Net Proceeds (not exceeding 25% of Gross Proceeds; general corporate purposes and future-acquisition funding together capped at 35% of Gross Proceeds) |
| Selling shareholder | Category | Equity Shares offered | Weighted average acquisition cost |
|---|---|---|---|
| BioUrja India Infra Private Limited | Investor Selling Shareholder | Up to 28,56,869 | Rs 42.55 |
Acquisition cost is per the RHP, certified by Agrawal Jain & Gupta, Chartered Accountants, in a certificate dated 31 August 2026.
What the RHP flags as risks
The RHP lists these among the Company’s own risk factors, paraphrased here without added commentary:
- Revenue is almost entirely concentrated in one region. The MCGM Region accounted for 99.70% / 99.69% / 99.50% of revenue from operations in FY2026 / FY2025 / FY2024; adverse market, regulatory or natural-disaster conditions specific to that region could materially affect the business.
- Project-completion risk on a long pipeline. As of 31 March 2026 the Company had 20 Under-construction Redevelopment Projects (combined 1.63 million sq ft) and 17 Upcoming Redevelopment Projects (1.96 million sq ft); average time from first commencement certificate to occupation certificate on completed projects was 26 months, and delays can trigger RERA-mandated penalties, interest payments and cancellation liabilities.
- No definitive raw-material supply agreements. The Company does not enter into agreements for the supply of construction materials for its Redevelopment Projects and depends on the open market for them.
- Contractor concentration. The Company depends on a limited number of contractors for its business activities and operations.
- Outstanding litigation involving the Company and its Directors is disclosed, with the RHP stating an adverse outcome could affect the business; the Company has also incurred indebtedness carrying restrictive covenants from its lenders, and has availed unsecured loans aggregating Rs 236.04 million plus personal guarantees.
- A named Promoter Group member is disclosed as estranged. Vaisshali Pranav Ashar, spouse of Promoter Pranav Kiran Ashar and a Promoter Group member under SEBI ICDR Regulation 2(1)(pp), is, per the RHP, in an estranged relationship with him; the Company sought a SEBI exemption from disclosing her and related-entity details, SEBI declined by letter dated 17 December 2024, and the Company states its disclosures about her are limited to information available in the public domain (Watchout Investors, CIBIL, BSE and NSE debarment lists) rather than information it could verify directly with her.
The numbers as filed
| Item | As filed |
|---|---|
| Face value | Rs 10 per Equity Share |
| Price band | Rs 118 (floor) – Rs 124 (cap) per share (as reported; not fixed in the RHP itself) |
| Fresh issue | Up to Rs 3,156.00 million (~Rs 315.60 Cr) |
| Offer for Sale | Up to 28,56,869 Equity Shares |
| Aggregate issue size | Up to ~Rs 351 Cr (as reported) |
| Lot size | 120 Equity Shares |
| Minimum retail investment | Rs 14,880 for 1 lot at the cap price |
The RHP itself leaves the Offer Price, the exact Fresh Issue share count and the aggregate Offer value as blanks, to be filled in once the Offer Price is fixed through the Book Building Process. The Rs 118–124 band is as reported by Business Standard and IPO trackers, not stated as a number in the RHP itself. At the Rs 124 cap, the Fresh Issue works out to approximately 2,54,51,612 shares (Rs 3,156.00 million ÷ Rs 124), which combined with the fixed 28,56,869-share Offer for Sale gives a total offer of approximately 2,83,08,481 shares — arithmetically consistent with the ~Rs 351 Cr aggregate reported (Rs 315.6 Cr fresh issue + Rs 35.4 Cr OFS).
Restated Consolidated financials, as filed in the RHP:
| Particulars (Rs million) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from operations | 7,615.96 | 6,362.72 | 4,474.83 |
| Profit for the year (PAT) | 713.24 | 622.54 | 396.17 |
In Rs crore (own conversion, 1 crore = 10 million): revenue ~761.60 / 636.27 / 447.48; PAT ~71.32 / 62.25 / 39.62, for FY2026 / FY2025 / FY2024 respectively.
Who can actually sell on listing day
The RHP’s lock-in schedule determines who is free to sell Pranav Constructions shares on the day the stock lists. This issue’s Minimum Promoters’ Contribution locks for three years, not the more commonly seen 18 months — the RHP states this explicitly under SEBI ICDR Regulation 16, and the Promoters’ holding above that minimum locks for one year, not the more commonly seen six months. These are this RHP’s own stated periods, not a general rule.
| Who | Locked for, per this RHP |
|---|---|
| Minimum Promoters’ Contribution (20% of post-Offer capital) | 3 years from the date of Allotment |
| Promoters’ holding above the 20% minimum | 1 year from the date of Allotment |
| All other pre-Offer shareholders (non-promoter, non-OFS) | 6 months from the date of Allotment, with carve-outs for OFS-transferred shares and VCF/AIF (Category I or II)/FVCI holdings (which instead lock 6 months from their own date of purchase) |
| Anchor Investors | 50% of shares allotted locked 90 days from Allotment; the remaining 50% locked 30 days from Allotment |
The figures below are computed from the RHP’s own share counts (87,171,170 shares pre-Offer, 28,56,869 OFS shares fixed) combined with the as-reported Rs 124 cap price, since the RHP itself leaves the Fresh Issue share count and post-Offer capital as blanks pending the Offer Price:
| Step | Shares (computed at Rs 124 cap) | % of post-issue capital |
|---|---|---|
| Fresh issue (computed) | 2,54,51,612 | 22.60% |
| Offer for Sale (fixed) | 28,56,869 | 2.54% |
| Total offer | 2,83,08,481 | 25.14% |
| Locked or not offered — the rest of the register (promoter lock-ins + other pre-Offer holders) | 8,43,14,301 | 74.86% |
| Post-issue capital (computed) | 11,26,22,782 | 100.00% |
Anchor allocation was not finalised as of this page’s publication (anchor bidding takes place one working day before the Bid/Offer opens, i.e. around 4 September 2026 for a 7 September open) — up to 60% of the QIB Portion may be allocated to Anchor Investors on a discretionary basis, and QIBs get not more than 40% of the Offer, so anchor allocation could run from 0 up to roughly 68,00,000 shares (about 6% of post-issue capital), locked 30/90 days. That portion, once finalised, would come out of the 25.14% “Total offer” figure above, not add to it. The final split lands with the exchanges’ published anchor list.
A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
This table reflects the RHP dated 31 August 2026, as of 3 September 2026, and the derived figures above are this page’s own arithmetic, not numbers stated as such in the RHP.
Dates and mechanics
| Event | Date |
|---|---|
| Bid/Offer opens | Monday, 7 September 2026 |
| Bid/Offer closes (UPI mandate confirmation by 5:00 p.m.) | Wednesday, 9 September 2026 |
| Finalisation of Basis of Allotment with the Designated Stock Exchange | On or about Thursday, 10 September 2026 |
| Allotment / credit to demat accounts; initiation of refunds and ASBA unblock | On or about Monday, 11 September 2026 |
| Listing on BSE and NSE | On or about Tuesday, 15 September 2026 |
| Bucket | Share of the Offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 40% |
| — of which, Anchor Investor Portion (discretionary) | Up to 60% of the QIB Portion |
| — Anchor Portion reserved for Mutual Funds | 33.33% of the Anchor Portion |
| — Anchor Portion reserved for Insurance Companies & Pension Funds | 6.67% of the Anchor Portion |
| — Net QIB Portion reserved for Mutual Funds | 5% of the Net QIB Portion |
| Non-Institutional Bidders (NII) | Not less than 15% (one-third for bids >Rs 2,00,000 up to Rs 10,00,000; two-thirds for bids >Rs 10,00,000) |
| Retail Individual Bidders (RIB) | Not less than 45% |
Book Running Lead Manager: Centrum Capital Limited. Registrar: KFin Technologies Limited.
How to read this page
Link back to the explainer: how an Indian IPO actually works covers the buckets, the allotment lottery, the T+3 timeline, and the general lock-in framework behind the listing-day-float section above.
Information as of 3 Sep 2026, taken from the RHP and the price-band announcement linked above. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- Red Herring Prospectus dated 31 Aug 2026 (hosted by Centrum Capital, book running lead manager) -- fetched and fully processed this session (pdftotext-equivalent full-text extraction, 32,869 lines) →
- Chittorgarh -- Pranav Constructions IPO page (as reported: price band, lot size, dates cross-check) →
- Business Standard -- "Pranav Constructions' Rs351 cr IPO to open on Sep 7 at Rs118-124/share" (price-band confirmation, published 2 Sep 2026) →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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