Pranav Constructions stock tanks 37% in 2 days, slips below issue price

Pranav Constructions' share price plunged 20% to ₹104.15 on the BSE in Wednesday's intraday deals, falling below its issue price of ₹124 per share.

Pranav Constructions share price movement

 

Pranav Constructions’ share price plunged 20 per cent to ₹104.15 on the BSE in Wednesday’s intraday trade, falling below its issue price of ₹124 per share. The market price of the realty company is down 37 per cent from the listing day high of ₹164.50, hit on Tuesday, September 15, 2026.

 

At 12:20 PM, Pranav Construction was quoting 16 per cent lower at ₹108.35 on the BSE. It is down 13 per cent against the issue price. A combined 19.29 million equity shares have changed hands on the NSE and BSE so far.

 

Pranav Constructions – IPO details, subscription

 

Pranav Constructions is a Mumbai-focused real estate developer specialising in pure-play redevelopment projects, primarily in the western suburbs of the Municipal Corporation of Greater Mumbai (MCGM) region. The company operates across economical, mid, mass, and aspirational housing segments under the PCPL brand. As of March 2026, it had 65 redevelopment projects across the MCGM region, including completed, under-construction, and upcoming projects. 

 

 

The initial public offer (IPO) of Pranav Construction received bids for 2718 million shares as against 21.5 million shares on offer. The issue was subscribed 126.34 times.

 

The qualified institutional buyers' (QIB) portion was booked 268.54 times, while the non-institutional investors' (NII) category was subscribed 217.73 times. The retail individual investors' (RII) segment received 45.31 times bids.

 

The fresh proceeds from the fresh share sale will be used for government approvals and redevelopment expenses, repayment of existing borrowings, funding future redevelopment projects, and general corporate purposes.

  

Pranav Constructions is a leading pure-play redevelopment player, with 65 MCGM projects and ~5.0 million sq. ft. of developable area across completed, under-construction and upcoming projects. It has a strong presence in Mumbai’s Western Suburbs, with an asset-light redevelopment model that keeps costs under control. It has delivered healthy growth, with revenue and profit after tax growing around 30–34 per cent compound annual growth rate (CAGR) over FY24–26.

 

"Heavy reliance on Western Suburbs for project revenues and delays in approvals can stall redevelopment project timelines. No fixed supplier agreements increase construction material risk, high dependency on pre-sales may impact working capital, and disputes with housing societies can terminate project contracts are key concerns," said Swastika Investmart in the IPO note.

 

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