Pranav Constructions IPO Subscription Update: Issue Subscribed 1.25x on Day 1
Information Subscription
On the first day, Pranav Constructions received bids for 6,32,05,127 shares against 4,05,57,790 shares available for subscription, according to NSE data. The retail investor category was subscribed 43%, while the Non-Institutional Investor (NII) category and Qualified Institutional Buyer (QIB) portion had received 1,32,69,23 and 1,76,92,307 bids at the time of the update. Investors can also visit our IPO page to track subscription updates and other upcoming public issues.
Subscription Details
| SR. NO. | CATEGORY | NO OF TIMES OF TOTAL MEANT FOR THE CATEGORY |
|---|---|---|
| 1. | Qualified Institutional Buyers (QIBs) | 0.04 |
| 2. | Non-Institutional Investors | 1.04 |
| 3. | Retail Individual Investors (RIIs) | 0.83 |
| 4. | Employees | 0.25 |
| - | Total | 0.64 |
Overview & Purpose
Pranav Constructions is offering a Rs 351.03 crore book-built issue, comprising a fresh issue of Rs 315.60 crore and an OFS of 28.57 lakh equity shares worth Rs 35.43 crore by BioUrja India Infra Private Limited. The IPO is priced in the range of Rs 118-Rs 124 per share, with a minimum lot size of 120 shares.
The company plans to utilise the fresh issue proceeds towards government and statutory approvals, purchase of additional FSI, alternate accommodation and hardship compensation related to certain redevelopment projects. A portion of the proceeds will also be used for debt repayment, acquisition of future redevelopment projects and general corporate purposes.
Price and Cumulative Quantity
| PRICE | CUMULATIVE QUANTITY |
|---|---|
| Cut-Off | 2,41,64,760 |
| 124 | 3,96,89,040 |
| 123 | 3,96,95,280 |
| 122 | 3,97,02,480 |
| 121 | 3,97,06,920 |
| 120 | 3,97,23,000 |
| 119 | 3,97,25,760 |
| 118 | 4,15,26,360 |
Conclusion
The Pranav Constructions IPO saw significant investor participation on its first day of bidding. Investors should track the latest subscription figures and category-wise demand before making any investment decision.
Disclaimer
Investments in the securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI, and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors. Choice Equity Broking Private Limited: SEBI Reg No. Broking - INZ000160131 ( BSE - 3299 ) | ( NSE - 13773 ) | ( MSEI - 73200 ) | ( MCX - 40585 ) | ( NCDEX - 01006 ). Depository Participant SEBI Reg. No. - IN - DP - 84 - 2015, DP ID CDSL - 12066900, NSDL ID - IN301895. Research Analyst - INH000000222 (CIN. NO.: U65999MH2010PTC198714)
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