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The Economic Times

Business

Ritesh Presswala

Pranav Constructions IPO subscribed over 5 times on Day 1. GMP signals 36% upside. Should you subscribe?

Pranav Constructions GMP IPO Mumbai Anand Rathi

Pranav Constructions IPO received a strong response from investors on Day 1, ending with a subscription of 5.69 times. The issue received bids for 12,78,82,920 shares against 2,24,63,137 shares on offer, according to NSE data. With the issue commanding a 36% premium in the grey market, investor interest appears strong, with the GMP pointing to a potentially healthy listing gain.

The IPO is valued at Rs 351.03 crore and comprises a fresh issue of 2.55 crore shares worth Rs 315.60 crore and an offer for sale (OFS) of 28.57 lakh shares aggregating to Rs 35.43 crore.

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