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Pranav Constructions IPO
138.66xsubscribed

Pranav Constructions IPO

Engineering - Construction
listed
₹14,160Min. investment

Pranav Constructions Limited IPO Details

SectorEngineering - Construction
Price range₹118 – ₹124
IPO type
Regular
Lot size120 shares
Issue size₹351Cr
Red Herring Prospectus
Read
Market cap
₹1,396CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹761.59CrLower than sector avg
Growth rate3Y CAGR
30.46%Higher than sector avg

Pranav Constructions IPO Subscription Status

Date
QIB
NII
Retail
Total
07-Sep-26
0.66 times (X)
31.76 times (X)
5.82 times (X)
6.6 times (X)
08-Sep-26
0.92X
130.62X
15.84X
21.02X
09-Sep-26
195.72X
620.4X
42.41X
138.66X

As on 07-Sep-26, 5:30 PM

Pranav Constructions IPO Timeline

  1. Pre-apply
    4 Sep 2026
  2. Bid start
    7 Sep 2026
  3. Bid end
    9 Sep 2026
  4. Allotment
    10 Sep 2026
  5. Release of funds
    11 Sep 2026
  6. Demat transfer
    11 Sep 2026
  7. Listing
    15 Sep 2026

About Pranav Constructions Limited

Pranav Constructions is a leading real estate company in the western suburbs of Mumbai, based on the supply of units and the number of completed and under-construction MCGM redevelopment projects.
It is among top companies in the MCGM region in terms of the highest combined supply from MCGM redevelopment projects launched between CY21 and Q1 CY26, and ranked 2nd in terms of the highest supply from projects launched between CY17 and Q1 CY26. It commenced its redevelopment operations in 2012.
As of March 31, 2026, the company had supplied 1,864 units across 34 MCGM redevelopment projects that were completed or under construction. The company follows a pure-play redevelopment model, with operations primarily concentrated in the western suburbs of the MCGM region.
Pranav Constructions was involved in 37 MCGM redevelopment projects in the MCGM region and accounted for 23% of the redeveloped units supplied by the top five developers, while the other developers had 8 to 12 projects during CY17- Q1CY26. The company made up 30% of total redeveloped units supplied by the top five developers within the western suburbs (CY17 – Q1CY26), with 34 MCGM redevelopment projects against 4 to 11 projects from its competitors.
MCGM redevelopment projects launched between CY21 and Q1CY26 had a market share of around 11% for the company in the Malad micro-market, followed by around 9% each in Bandra West and Santacruz. As of March 31, 2026, the company had a presence across Borivali, Kandivali, Malad, Goregaon, Santacruz, Bandra, Andheri, Vile Parle and Mahim micro-markets. It plans to expand into other MCGM regions, including Khar, Matunga, Sion, Chembur and Grant Road.
As on 31st March, 2026, the company had a portfolio of 65 redevelopment projects in MCGM Region. This included 28 completed redevelopment projects with a combined total developable area of 1.42 million sq ft, 20 under-construction redevelopment projects with a combined total developable area of 1.63 million sq ft and 17 upcoming redevelopment Ppojects with a combined total developable area of 1.96 million sq ft.
The company had also submitted 41 bids in various Co-operative Housing Societies in MCGM region till 31st March 2026. Recently the company has successfully completed projects like Malad Marudhar CHSL, Tiara CHSL, Union Bank of India Employees’ Ankur CHSL at Malad and Kesar Niketan CHSL at Borivali.
Its average project construction cycle, measured from the date of the first commencement certificate to the date of grant of the occupation certificate, was 26 months as of March 31, 2026. Further, as of March 31, 2026, the company had not applied for an extension for any of its redevelopment projects.
For redevelopment projects launched by the company, sales to new customers averaged up to 48.60% within the first six months of launch and up to 68.27% within the first twelve months as of March 31, 2026. In FY26, the company achieved 64.37% of inventory sales within 6 months and 77.05% within 1 year of the launch date, compared with 37.35% and 63.48%, respectively, in FY25.
Collections from sale units and rehab cum sale units stood at ₹295.4 crore in FY26 compared with ₹292.9 crore in FY25. The company generally receives consideration in instalments linked to construction milestones for units sold to customers, supporting cash flow management during project execution. The company's employee base increased to 198 in FY26 from 148 in FY25. The attrition rate improved to 13.54% in FY26 from 23.71% in FY25.
Redevelopment has become a major source of housing supply due to acute land scarcity in Mumbai. Redevelopment supply in the MMR region is driven by MCGM redevelopment projects accounting for 66% (68,888 units), followed by MHADA at 28% (29,084 units). Out of the total 168,696 units supplied from under-construction projects launched between CY17 and Q1 CY26 in the MCGM Region, only 38% (63,837 units) were greenfield developments, while the remaining 62% (104,859 units) were redevelopment projects.
The MMR region witnessed a supply of around 11,42,446 units between CY15 and Q1 CY26, with CY22 witnessing the highest launches of around 1,96,119 units. Western suburbs had the highest share of absorption in the MCGM region, accounting for 48% of total units sold, followed by eastern suburbs and central Mumbai with 23% and 19%, respectively. The remaining 10% of total absorption was consumed by South Mumbai and prime region of Western. The western suburbs are witnessing strong demand, and developers are seeing an edge over several other residential markets in India in terms of faster sales velocity and higher revenue potential.
The lack of land in Mumbai has led to a structural shift in the direction of redevelopment, which can be exploited for the benefit of the company. Greenfield developments have contributed only 38% of supply between CY17-Q1 CY26, compared to 62% from redevelopment projects. The market is on a growing trajectory of moving toward the company’s core business model. The company’s focused presence in Western Suburbs is well aligned with the highest-growth micro-market in the market, with 48% of total units absorbed in the MCGM region.
The geographical concentration provides the company with better demand dynamics, faster sales velocity and higher pricing power than developers in slower-absorbing regions such as South Mumbai (10% absorption). With 11% market share in Malad and 9% each in Bandra West and Santacruz, the company is well positioned to tap sustained demand from this high absorption zone. The company has built scale that creates barriers to competition (34 MCGM projects versus 4-11 projects by competitors).
Now, Pranav Constructions is launching its initial public offering (IPO), which consists of a fresh issue of ₹316 crore and an offer for sale of ₹35 crore. The total issue size of the IPO is ₹351 crore. Its shares will be listed on the NSE and BSE.

How to apply for Pranav Constructions IPO?

If you are interested in this investment opportunity but unsure how to apply for Pranav Constructions IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Pranav Constructions IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Pranav Constructions IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Pranav Constructions Limited IPO Analysis

IPO REVIEW

Pranav Constructions IPO | Analysis Video

Should you apply?

Watch our analysts break down the Pranav Constructions Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

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Revenue growth
Company valuation
Earnings expansion
Risk analysis
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Strength and Weakness

Market leadership in western suburbs

The firm leads the western suburbs redevelopment market with 34 MCGM projects (1,864 units) – nearly 3x higher than competitors who have only 4-11 projects per unit. The firm controls 30% of units of the top 5 developers in the Western Suburbs, with a 65-project footprint consisting of completed, ongoing, and upcoming phases.

Integrated execution expertise

Internal expertise in tendering, construction, and sales departments has made an average 26-month duration for project cycles from inception to occupation certificate with no single RERA extension filed till March 2026.

Capital-efficient business model

Collaboration with the Co-operative Housing Societies and not direct acquisition of land means that the firm is using initial capital at an average of just 9.0%-13.4% of the total sales value of the recent projects. The relatively low capital investment allows for the concurrent operation of different projects, along with regulatory and performance criteria that act as a natural barrier against new competitors.

Experienced promoters and management

Promoters Pranav Kiran Ashar (22 years) and Ravi Ramalingam (17+ years) head the company along with its professional management team, which includes functions of operations, legal and sales. The workforce increased to 198 during FY26, while the attrition rate declined significantly from 24.87% in FY24 to 13.54% in FY26.

Objectives of Pranav Constructions Limited IPO

Redevelopment expenditure
46.10%
The company will use ₹145.71 crore for funding towards project-related redevelopment costs.
Repayment of loan
28.90%
The company will utilise ₹91.50 crore for partial or full repayment of the borrowings.
General corporate purposes
24.80%
Up to 35% of proceeds for future projects, corporate purposes & expenses.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹761.59Cr30.46%₹71.32Cr₹1,396Cr15.161.08
This sector (avg.)₹2,186.73Cr0.03%₹107.3Cr₹5,580.04Cr39.871.33
₹2,55,547.01Cr---₹17,687.39Cr₹5,40,931.7Cr33.291.36
₹19,923.02Cr---₹1,281.52Cr₹71,599.59Cr63.030.57
₹7,062Cr---₹6,480.68Cr₹25,092.05Cr3.811.04

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Pranav Constructions IPO Contact Details

Company NamePranav Constructions Limited

How to apply for Pranav Constructions IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Pranav Constructions Limited IPO FAQs