Pranav Constructions' initial public offering (IPO) opened with a grey market premium (GMP) of ₹44 per share, signaling strong investor interest. The public issue aims to raise ₹351 crore and is scheduled to close on September 9. The price band for the shares is set between ₹118 and ₹124, with a minimum application of 120 shares required, according to livemint.com.
The IPO allotment is expected to be finalized on September 11, with shares proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on September 15. The GMP indicates that demand in the grey market is above the upper price band, suggesting positive market sentiment ahead of the formal listing. Investors are advised to apply within the specified price band to participate in the offering.
This IPO comes at a time when the construction sector is witnessing renewed investor interest, with several companies tapping public markets to fund expansion. The ₹351 crore target places Pranav Constructions among mid-sized IPOs in the infrastructure segment this year. The strong GMP reflects confidence in the company’s growth prospects and the broader sector, which has seen increased government spending on infrastructure projects.
The final share allotment on September 11 will determine the exact subscription levels, while the listing on September 15 will provide the first opportunity to gauge market response through share price movements. The company’s performance post-listing will be closely watched by investors and market participants.