53 mins ago
Pranav Constructions IPO GMP Signals 36% Listing Gain
Pranav Constructions offered shares to the public through an IPO.
The company set the final share price at ₹124.
Many investors applied, so the IPO was subscribed about 121 times.
In the grey market, the shares were trading at an estimated ₹45 above the issue price.
This suggested a possible listing price of ₹169.
That would represent a possible gain of about 36.29%.
However, grey market prices are unofficial and do not guarantee the actual listing price.
The shares were scheduled to list on BSE and NSE on September 15.
Pranav Constructions IPO shares were expected to list at ₹169, based on a ₹45 grey market premium.
The implied listing gain was 36.29% over the final issue price of ₹124 per share.
The ₹351 crore IPO was subscribed around 121 times, with bids for 2,718.04 million shares.
Bidding ran from September 7 to September 9, allotment was finalized on September 10, and listing was scheduled for September 15.
The company focuses mainly on redevelopment projects in Mumbai’s Municipal Corporation of Greater Mumbai region, particularly the Western Suburbs.
- Who
- Pranav Constructions Limited, a Mumbai-headquartered real estate company.
- What
- Its ₹351 crore IPO was heavily subscribed and was expected to list at an estimated ₹169 per share.
- Where
- The shares were scheduled to list on BSE and NSE; the company operates mainly in Mumbai’s MCGM region.
- When
- Bidding took place from September 7 to September 9; listing was scheduled for September 15.
- Why
- Strong investor demand and a ₹45 grey market premium indicated a possible listing gain.
Key facts
- Final issue price
- ₹124 per share
- Latest grey market premium
- ₹45
- Estimated listing price
- ₹169 per share
- Implied listing gain
- 36.29%
- Issue size
- ₹351 crore
- Subscription
- Around 121 times
- Retail minimum investment
- ₹14,880 for 120 shares
Sources
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