Those selling shares in the OFS are investor BioUrja India Infra and promoter Ravi Ramalingam.
The Mumbai-based company may consider raising ₹78.40 crore through a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.As per the draft papers filed on Friday, the company intends to use the proceeds from its fresh issuance worth ₹223.75 crore towards obtaining government and statutory approvals, purchasing additional FSI (Floor Space Index), compensating members for alternate accommodation, and addressing hardship compensation for certain under-construction and upcoming redevelopment projects.
Additionally, ₹
74 crore will be used for debt repayment, acquiring future redevelopment projects, and a portion will be used for covering general corporate expenses.
Pranav Constructions is a leading real estate developer, particularly in the Municipal Corporation of Greater Mumbai (MCGM) redevelopment segment in Mumbai’s Western suburbs. It specializes in redevelopment projects catering to the Economical, Mid, Mass, and Aspirational housing segments.
As of December 2024, the company’s portfolio comprises 58 redevelopment projects, including 26 completed projects spanning a total developable area of 1.25 million square feet, 11 under-construction projects covering 1.07 million square feet, and 21 upcoming projects with a projected developable area of 1.87 million square feet.
On the financial front, Pranav Constructions’ consolidated revenue from operations stood at ₹447.48 crore in Fiscal 2024 and consolidated Profit after tax (PAT) was at ₹39.62 crore in Fiscal 2024.
For the nine-month period ended December 31, 2024, consolidated revenue from operations and consolidated PAT stood at ₹430.59 crore and ₹43.04 crore, respectively.
Centrum Capital and PNB Investment Service are the book-running lead managers. The equity shares are proposed to be listed on BSE and NSE.
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