Pranav Constructions IPO Day 1: Subscribed 4.55x, NIIs lead demand

Pranav Constructions’ ₹351-crore IPO was subscribed 4.55 times at 3.24 pm on the first day of bidding, with strong demand from non-institutional investors.

The non-institutional investors’ portion was subscribed 7.66 times, while the retail investors’ quota received 4.94 times subscription. The qualified institutional buyers’ category was subscribed 0.51 times.

The real estate developer had raised ₹84.24 crore from anchor investors ahead of the IPO.

The company allocated 67.94 lakh equity shares at ₹124 apiece to anchor investors, according to a circular uploaded on the BSE website.

Pranav Constructions has fixed the price band at ₹118-124 per share for its over ₹351-crore IPO. The issue opened for subscription on September 7 and will close on September 9.

The IPO comprises a fresh issue worth ₹315.6 crore and an offer-for-sale of 28.5 lakh equity shares worth ₹35.43 crore by investor shareholder BioUrja India Infra.

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