Pranav Constructions banks US$11.4M from anchors ahead of US$47.7M IPO
What's the deal? Pranav Constructions, a Mumbai-based real estate developer, raised US$11.4M from anchor investors on September 4, ahead of its US$4.77-crore IPO. It allocated 67.94 lakh equity shares at US$1.68 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 US$1.6-US$1.68 per share. It comprises a fresh issue worth US$42.9M and an offer-for-sale of 28.5 lakh shares worth US$4.81M 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
