Pranav Constructions Ltd Set for Major IPO with Fresh Issuance and OFS

Pranav Constructions Ltd has filed draft papers with SEBI for an IPO involving a fresh issuance of Rs 392 crore and an Offer For Sale (OFS). The proceeds will fund approvals, FSI purchases, redevelopment projects, and debt repayment. The company specializes in Mumbai redevelopment projects.

Real estate giant Pranav Constructions Ltd is gearing up for an Initial Public Offering (IPO), according to draft documents filed with capital markets regulator SEBI.

The IPO consists of a fresh issue valued at Rs 392 crore and an Offer For Sale (OFS) involving 28.57 lakh shares from a major investor and the company's promoter.

Funds from the IPO will facilitate key company operations, including government approvals, FSI purchases, as well as support for multiple redevelopment projects. Notably, Pranav Constructions is renowned in Mumbai for its expertise in redevelopment projects targeting diverse housing segments.

(With inputs from agencies.)