Pranav Constructions IPO Day 1: Subscribed 4.55x, NIIs lead demand
The non-institutional investors’ portion was subscribed 7.66 times, while the retail investors’ quota received 4.94 times subscription
Pranav Constructions' ₹351-crore IPO witnessed a strong subscription of 4.55 times on its first day of bidding, with non-institutional investors leading the demand. Non-institutional investors subscribed the issue 7.66 times, retail investors 4.94 times, and qualified institutional buyers 0.51 times. The company had already raised ₹84.24 crore from anchor investors prior to the IPO, allocating 67.94 lakh equity shares at ₹124 each.
The price band for the IPO was set between ₹118-124 per share, with the issue opening for subscription on September 7 and closing on September 9.
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