Pranav Constructions shares list at 33% premium over IPO price on NSE
The public issue comprised a fresh issue worth ₹315.6 crore and an offer-for-sale (OFS) of 28.5 lakh equity shares worth ₹35.43 crore by investor shareholder BioUrja India Infra
Pranav Constructions shares began trading on the National Stock Exchange (NSE) on Tuesday at ₹165 per share, representing a 33% premium above its issue price of ₹124. The Bombay Stock Exchange (BSE) saw the stock open at ₹162, marking a premium of approximately 30.6% over its IPO price. The company, a real estate firm specializing in redevelopment projects within the Municipal Corporation of Greater Mumbai region, particularly in the Western suburbs, received a strong response to its ₹351 crore IPO.
The issue was subscribed 121 times, with a price band set between ₹118-124 per share. In the immediate aftermath of its listing, Pranav Constructions experienced a notable correction, prompting a cautious outlook from analysts. Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, cautioned investors against making further gains following the sharp listing gains.
She advised existing investors to set a stop loss of ₹130-132, while new investors should wait for the stock to stabilize before entering into positions.
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