The initial public offering (IPO) of real estate firm Pranav Constructions has reached its third and final day of subscription today, September 9, 2026. The public issue, which opened for bidding on September 7, aims to raise Rs 351 crore from the primary market by issuing a total of 2,83,08,481 equity shares. The company has fixed the price band for the offering between Rs 118 and Rs 124 per share, with a face value of Rs 10 per share.
Strong Bidding Response: Subscribed 18.20 Times by Day 2
Investor response to the Pranav Constructions IPO has been overwhelming across categories. By the close of the second day of bidding on Tuesday, September 8, the offering was subscribed 18.20 times. Given the heavy oversubscription, shares are expected to be allocated to successful bidders at the upper price ceiling of Rs 124 per share. Market watchers anticipate the final subscription tally to surge significantly higher by the close of bidding on Wednesday as institutional and retail participation reaches its peak.
Breakdown of Fresh Issue and Offer for Sale Components
The total fundraise of Rs 351 crore is structured into two key segments. A major portion worth Rs 316 crore represents a fresh issue of 2,54,51,612 new equity shares. The remaining Rs 35 crore constitutes an Offer for Sale (OFS) component comprising 28,56,869 shares. Under the OFS route, the existing promoters of the company are offloading a part of their equity stake.
Schedule for Share Allotment, Refund, and Stock Exchange Listing
Following the conclusion of bidding on September 9, the basis of allotment will be finalized on Thursday, September 10. For investors who are not allotted shares, refund processing will begin on Friday, September 11, which is also the date when allotted equity shares will be credited to demat accounts. Being a mainboard IPO, the company will list on both major domestic stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Shares of Pranav Constructions are scheduled to make their stock market debut next week on Tuesday, September 15.
Grey Market Premium Signals 34.68 Percent Listing Gain
Unlisted market trading reflects healthy investor sentiment for the issue. As of 6:35 AM on September 9, shares of Pranav Constructions were trading at a Grey Market Premium (GMP) of Rs 43 per share. Against the upper price band of Rs 124, this Rs 43 premium indicates potential listing gains of approximately 34.68 percent. The GMP had earlier touched a high of Rs 44 on September 6. However, market analysts advise that grey market trends remain volatile and fluctuate based on overall equity market conditions ahead of listing day.
