Pranav Constructions’ Rs 351.03-crore IPO opens for subscription on September 7 and runs through September 9, with bidding covered across three days. The issue is a book build comprising a fresh issue of about 2.55 crore shares (Rs 315.60 crore) and an offer for sale of about 28.57 lakh shares (around Rs 35.43 crore). The company sets a price band of Rs 118 to Rs 124 per share, with an application lot size of 120 shares.
All outlets report that investor interest remains strong as the bidding progresses and the issue approaches listing. Subscription figures cited include an overall subscription rate of 121 times (NDTV) and 2.56x as of midday on day one (Free Press Journal). Grey market premium moves across the days, with GMP reported in a similar range (around Rs 42.5 to Rs 44), which outlets translate into expected listing gains of roughly mid-30% versus the upper price.
On listing expectations, NDTV also reports a latest GMP of around Rs 44 and an expected listing price near Rs 168 (about a 35% premium). Free Press Journal adds that the IPO receives bids of 5.74 crore shares against 2.25 crore shares on offer as of day one, and notes the IPO’s planned fund use and proposed listing on both BSE and NSE.
