Pranav Constructions banks ₹84 Cr from anchors ahead of ₹351 Cr IPO

What's the deal? Pranav Constructions, a Mumbai-based real estate developer, raised ₹84.24 crore from anchor investors on September 4, ahead of its ₹351-crore IPO. It allocated 67.94 lakh equity shares at ₹124 apiece.

Who's backing it? Anchor investors include Goldman SachsDealroom has a profile for this one. Try Dealroom → Investments (Mauritius), ITI Mutual FundDealroom has a profile for this one. Try Dealroom →, Taurus Mutual FundDealroom has a profile for this one. Try Dealroom →, Abudantia Capital VCC, and Ashika India Select Fund.

Why now? The IPO opens for subscription from September 7 to September 9, with a price band of ₹118-124 per share. It comprises a fresh issue worth ₹315.6 crore and an offer-for-sale of 28.5 lakh shares worth ₹35.43 crore by shareholder BioUrja India InfraDealroom has a profile for this one. Try Dealroom →.

What's the endgame? Pranav Constructions focuses on the Municipal Corporation of Greater Mumbai redevelopment segment in the city's western suburbs. The fresh capital gives it firepower to pursue that pipeline as public shareholders come on board.

The signal: Mumbai's redevelopment market has been outpacing new projects, and Pranav's listing shows investors are willing to fund developers focused on that niche.

Read more: money.rediff.com