Pranav Constructions shares list at 33% premium on NSE; here's how much investors made per lot

The stock is listed at ₹165 per share on the National Stock Exchange (NSE). This reflects a premium of 33.06% over the IPO issue price of ₹124 per share.

On the BSE, the scrip started trading at ₹162, up 30.65% from the issue price.

Pranav Constructions share price: Here's how much investors made per lot

A lot consisted of 120 shares and ₹14,880. Investors who received the Pranav Constructions IPO allotment made ₹4,920 per lot, taking the value of their investment to ₹19,800, as per the listing price on the NSE.

The ₹351.03 crore initial public offering was a fresh issuance of shares valued at ₹315.60 crore and an offer for sale (OFS) component of ₹35.43 crore by investor BioUrja India Infra.

The fresh funds raised will be used for the following objectives:

• Fund costs towards securing government and statutory approvals and purchase of additional FSI (floor space index) and compensation to members towards alternate accommodation and hardship compensation related to the development of some under-construction redevelopment projects and certain upcoming redevelopment projects.
• Repay borrowings
• Acquire future redevelopment projects and general corporate purposes

The IPO was subscribed 121 times, as it got bids for 2,71,80,46,080 shares against 2,24,63,137 shares on offer, as per the BSE data.

Prior to the IPO, the company mobilised ₹84.24 crore from anchor investors, including Taurus Mutual Fund, Goldman Sachs Investments (Mauritius) Ltd, ITI Mutual Fund, Ashika India Select Fund and Abudantia Capital VCC.

Pranav Constructions is a real estate firm involved in redevelopment projects in the Municipal Corporation of Greater Mumbai, or MCGM, region, majorly in the western suburbs.