Pranav Constructions IPO

About Pranav Constructions Ltd IPO

The Pranav Constructions IPO, a mainboard IPO, opens on Monday, September 7, 2026 and closes on Wednesday, September 9, 2026. The allotment of shares will take place on Thursday, September 10, 2026. The credit of shares to the demat account will take place on Friday, September 11, 2026. The initiation of refunds will take place on Friday, September 11, 2026. The listing of shares will take place on Tuesday, September 15, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 2,54,51,612 shares aggregating up to ₹315.60 crore. The offer for sale portion includes 28,56,869 shares of ₹10 face value aggregating up to ₹35.43 crore. The total number of shares and aggregate amount are 2,83,08,481 shares aggregating up to ₹351.03 crore.

Pranav Constructions IPO's price band is set at ₹118 to ₹124 per share. The lot size for an application is 120. The minimum amount of investment required by a retail investor is ₹14,880 (120 shares) based on the upper price band.

Pranav Constructions is a Mumbai-based real estate company focused on the pure-play redevelopment of housing society properties in the MCGM Region. As of March 31, 2026, its portfolio comprised 65 Redevelopment Projects across the MCGM Region, including 28 completed projects with a combined developable area of 1.42 million square feet. The Company operates predominantly in the Western Suburbs of Mumbai across the economical, mid and mass, and aspirational housing segments.

Objectives of Pranav Constructions Ltd IPO

1. Funding costs towards obtaining government and statutory approvals and purchase of additional FSI as per applicable laws, and costs towards compensation to members for alternate accommodation and hardship compensation, in relation to the development of certain under construction redevelopment projects and certain upcoming redevelopment projects

2. Repayment or pre-payment, in full or in part, of certain outstanding borrowings availed by the company

3. Funding acquisition of future redevelopment projects and general corporate purposes.

Industry Outlook

Redevelopment drives Mumbai's housing supply. With land available for greenfield development, redevelopment accounted for 62% of under-construction supply launched between CY17 and Q1 CY26 in the MCGM Region. Within this, MCGM-Redevelopment is the largest channel, standing at 68,888 units as on Q1 CY26. The remainder is led by MHADA redevelopment at 28% (29,084 units).

The supply is geographically concentrated. Western Mumbai — the Western Suburbs and Western Prime — holds the highest share at 46%, or 31,539 units. Central Mumbai and the Eastern Suburbs follow, and South Mumbai contributes only 10%. This concentration favours developers with an established presence in the western micro-markets.

Redevelopment activity accelerated after the pandemic. About 87% of MCGM-Redevelopment units, or 59,904 units, were launched between CY21 and Q1 CY26. Policy support adds to the momentum. The Economic Master Plan for the Mumbai Metropolitan Region targets a GDP of USD 300 billion (around ₹25 lakh crore) at a 9–10% CAGR by FY30, with affordable housing named among its seven growth drivers.

About Pranav Constructions Limited

Pranav Constructions was incorporated in 2003 and is based in Goregaon (West), Mumbai. It undertakes pure-play redevelopment of society housing in the MCGM Region, working mainly across the economical, mid and mass, and aspirational segments. The Company is promoted by Pranav Kiran Ashar and Ravi Ramalingam.

Its portfolio reflects scale in a single, focused market. As of March 31, 2026, the company had 65 Redevelopment Projects across the MCGM Region, comprising 28 completed projects with a combined developable area of 1.42 million square feet, 20 under-construction projects at 1.63 million square feet, and 17 upcoming projects at 1.96 million square feet. It ranked 1st in the MCGM Region for the highest combined MCGM-Redevelopment supply launched between CY21 and Q1 CY26.

Strengths of Pranav Constructions

• Among the leading real estate companies in the Western Suburbs, with demonstrated growth and a strong project pipeline.

• Demonstrated project execution capabilities supported by in-house functional expertise.

• Capital-efficient business model with high barriers to entry.

• Established a customer-centric brand in the Western Suburbs, supported by robust stakeholder management.

• Continued focus on redevelopment while expanding into other regions under the MCGM.

Risks of Pranav Constructions

• The company depends on a supplier base for construction materials, with its top 10 suppliers accounting for 61.78% of total material costs in FY26, exposing margins to price and availability shocks.

• Net cash flows from operating activities were negative at ₹41.19 crore in FY26 and ₹92.60 crore in FY25, which could strain the Company's ability to fund operations.

• Delays in completing Under-construction and Upcoming Redevelopment Projects, whether from regulatory or administrative causes, would defer sales revenue and raise costs.

• The company relies on a number of contractors to execute projects, so the loss of a key contractor could disrupt construction timelines.

• Redevelopment agreements with Co-operative Housing Societies carry penalty clauses, and delays in delivering rehabilitation units could trigger financial liabilities.

Anchor Investor Bidding Date

Friday, September 4, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details

KFin Technologies Limited

E-mail: pcpl.ipo@kfintech.com

Telephone: +91 6716 2222/18003094001

Book Running Lead Manager(s):

Centrum Broking

PNB Investment Services Limited

Pranav Constructions Contact Details

Unit No. 1001, 10th Floor, DLH Park, Near MTNL, S.V. Road, Goregaon (West), Mumbai – 400 104, Maharashtra

E-mail: compliance.officer@pranavconstructions.com

Telephone: +91 22 6276 9939

Pranav Constructions Business Model

The company earns its revenue through the sale of additional units and area in the housing society properties it redevelops, both to the existing members of the Co-operative Housing Societies and to new customers. As of March 31, 2026, approximately 8.77% of unit sales were attributable to additional purchases by existing members, which support early cash flow and set a price benchmark for sales to new buyers.

The company operates an asset-light model: rather than acquiring land on an ownership basis, it enters into redevelopment agreements with housing societies, reducing upfront outlay and freeing capital to undertake more projects. Its customer base spans the economical, mid and mass, and aspirational housing segments, concentrated in the Western Suburbs of the MCGM Region.

Pranav Constructions Growth Trajectory

Pranav Constructions Limited's Total Income for FY26 was ₹763.93 crore, whereas in FY25 and FY24 it was ₹638.24 crore and ₹449.75 crore, respectively.

The Profit After Tax for FY26 was ₹71.32 crore, whereas in FY25 and FY24 it was ₹62.25 crore and ₹39.62 crore, respectively.

Their EBITDA for FY26 was ₹130.83 crore, whereas in FY25 and FY24 it was ₹98.54 crore and ₹59.73 crore, respectively.

Pranav Constructions Market Position

Pranav Constructions is among the leading redevelopment-focused real estate companies in the Western Suburbs of the MCGM Region. As of March 31, 2026, it held a portfolio of 65 Redevelopment Projects across the MCGM Region, spanning micro-markets such as Malad, Goregaon, Kandivali, Borivali, Andheri, Vile Parle, Santacruz, Khar and Bandra. It contributed about 30% of the redeveloped units supplied by the top five developers in the Western Suburbs between CY17 and Q1 CY26.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹763.93 crore, ₹71.32 crore, and ₹130.83 crore, respectively.

How to apply for Pranav Constructions IPO?

Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.

Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.

Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.

Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.