Pranav Constructions Limited

listedRefreshing

NSE · Source: SEBI

DRHP2 Sept 2026completed
RHP1 Sept 2026completed
Price band1 Sept 2026completed
Opened7 Sept 2026completed
Closed9 Sept 2026completed
Allotted10 Sept 2026completed
Listed15 Sept 2026completed

Price band

₹118–₹124

Issue size

₹351.03 Cr

Fresh issue

₹315.6 Cr

Offer for sale

₹35.43 Cr

GMP ₹53 (42.74%)grey-market · 38 days ago

Governance observations

Supported by the filing.

The Company converted from a private limited company to a public limited company in 2024, with a fresh certificate of incorporation dated July 29, 2024, shortly before the proposed IPO. (p.2)
Related party transaction intensity has historically been high: the arithmetic aggregated absolute total of related party transactions represented 53.42% of revenue in Fiscal 2024, 39.37% in Fiscal 2023 and 28.12% in Fiscal 2022, declining to 12.55% for the nine-month period ended December 31, 2024. (p.24)
Promoter Pranav Kiran Ashar was both a lender to the Company and a personal guarantor for construction finance and overdraft facilities. Loan outstanding was ₹ 62.48 million and guarantee taken was ₹ 1,147.54 million as of December 31, 2024. (p.24)
The Company disclosed historical errors in statutory filings and share-transfer records, although no related regulatory proceedings had been initiated as of the DRHP date. (p.42)
The Holding Company's accounting software audit-trail feature was not enabled from April 1 through April 4, 2023. It was enabled from April 5, 2023 and the auditor found no instance of tampering after enablement. (p.274)
The predecessor statutory auditor for Fiscal 2022 did not hold a valid ICAI peer-review certificate and could not undertake work on the Restated Financial Information, leading the current auditor to audit special-purpose Ind AS statements for Fiscal 2022. The current auditor's opinion was not modified. (p.275)
The capital structure changed substantially before the IPO through multiple bonus issues, a December 2024 private placement and a January 2025 bonus issue, resulting in 87,171,170 pre-Offer Equity Shares. (p.84)
As of December 31, 2024, the Company had 267 creditors with total outstanding dues of ₹ 1,569.07 million. Two creditors classified as material accounted for ₹ 1,155.45 million of these dues.

Counterparty	Nature	Amount	% of revenue	Pages
Pranav Kiran Ashar	Interest expense	₹ 29.64 million	—	—
Pranav Kiran Ashar	Loan taken during the period	₹ 125.00 million	—	—
Pranav Kiran Ashar	Loan repaid during the period	₹ 267.40 million	—	—
Pranav Kiran Ashar	Loan outstanding as of December 31, 2024	₹ 62.48 million	—	—
Pranav Kiran Ashar	Guarantee given on behalf of related party as of December 31, 2024	₹ 59.11 million	—	—
Pranav Kiran Ashar	Personal guarantee taken by the Company in respect of various construction finance and overdraft facilities as of December 31, 2024	₹ 1,147.54 million	—	—
Aggregate related parties	Arithmetic aggregated absolute total of related party transactions, post inter-company eliminations	—	12.55%	—
Aggregate related parties	Arithmetic aggregated absolute total of related party transactions, post inter-company eliminations	—	53.42% for Fiscal 2024	—
Aggregate related parties	Arithmetic aggregated absolute total of related party transactions, post inter-company eliminations	—	39.37% for Fiscal 2023	—
Aggregate related parties	Arithmetic aggregated absolute total of related party transactions, post inter-company eliminations	—	28.12% for Fiscal 2022	—

Pranav Constructions Limited

Governance observations

Pranav Constructions Limited

Governance observations

Selling shareholders

Related-party transactions