Pranav Constructions IPO Day 3: GMP at 35%, subscription reaches 18.21x — Should you subscribe?

Pranav Constructions IPO enters its final bidding day with strong investor demand and a 35% grey-market premium. The Rs 351.03-crore issue was subscribed 18.21 times by Day 2, led by NIIs. Backed by improving FY26 financials, Mumbai redevelopment exposure and an expanding project pipeline, analysts recommend subscribing, while highlighting execution and concentration risks.