One IPO's GMP Is Soaring, Another Is Sinking Money — And More Are Lining Up This Week

Pranav Constructions IPO GMP signals 30% gains, but Annu Projects investors are still down over 30%. Five recent IPOs show why GMP and subscription aren’t guarantees.

North Desk Correspondent

Chandigarh, September 7

Pranav Constructions opened its IPO Monday with a grey market premium signalling close to 30% listing gains. Meanwhile, investors who got lucky with an Annu Projects allotment just over a week ago are still watching their money shrink. Between the two lies a lesson for anyone about to apply for the next big offer — and there are several more on the way this week.

Pranav Constructions IPO GMP: If you’re weighing whether to put money into an IPO right now, the last ten days of the Indian primary market have handed out a blunt lesson: strong demand and a hot grey market premium tell you what other investors expect — not what will actually happen.

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The one that’s sinking: Annu Projects

Annu Projects, an engineering-procurement-construction (EPC) firm working on telecom, sewerage and gas pipeline infrastructure, listed on September 2 at ₹72 on the NSE — a 27.27% discount to its ₹99 upper price band, even on BSE it opened nearly 24% below issue price. This despite the issue being subscribed nearly three times over during bidding.

A minimum retail lot of 151 shares cost ₹14,949 at the issue price. By September 7, that lot was worth roughly ₹5,000 down — over 32 per cent down.  

On September 7, the stock had slipped to ₹68.8, continuing to test fresh lows through the week, with analysts flagging cash-flow concerns behind the reasonable-looking valuation. For anyone who considered themselves fortunate to get allotted shares, the allotment turned out to be the start of the problem, not the end of it.

The one with the buzz: Pranav Constructions IPO GMP

Pranav Constructions IPO GMP: Pranav Constructions, a Mumbai-based real estate developer focused on redevelopment projects for the Municipal Corporation of Greater Mumbai in the western suburbs, opened its ₹351-crore IPO today, September 7, and will close on September 9. The price band is fixed at ₹118-124 per share, with a minimum lot of 120 shares requiring roughly ₹14,880 — almost exactly what an Annu Projects lot cost.

The difference so far is in the grey market. Pranav Constructions’ GMP has been trading in the ₹36-44 range through the day, implying an estimated listing price of ₹160-168 — a premium of roughly 29-35% over the issue price. The company drew ₹84.2 crore from nine anchor investors ahead of the issue, including Goldman Sachs Investments (Mauritius), ITI Mutual Fund and Taurus Mutual Fund. Allotment is expected on September 10, with listing tentatively set for September 15.

Why the comparison matters — and why it isn’t a guarantee either way

It would be easy to read this as “Pranav good, Annu bad” and leave it there. But the more useful lesson sits one layer deeper, in what happened to the IPOs that listed in between.

Hy-Tech Engineers, listed September 1 with an issue price of ₹53, had a GMP suggesting a 79% listing gain — and it delivered close to that, closing day one at ₹75.59, up 42.62%.

Symbiotec Pharmalab, also listed September 1 at an issue price of ₹988 after being subscribed more than 75 times, closed its first day at ₹1,095.95, up 10.93%.

Milky Mist Dairy Food, listed August 18 at ₹140, opened at ₹165 and kept climbing — hitting its 10% upper circuit by day two, taking total gains to 42.6% within 48 hours.

Those three make a strong case for grey-market optimism. But Skyways Air Services, which listed the very same day as Hy-Tech and Symbiotec, breaks that pattern entirely.

Its GMP had signalled a 19-26% listing gain, and the issue itself was subscribed a striking 71 times over — heavier demand than either Hy-Tech or Symbiotec saw. Despite that, it listed nearly 10% below its ₹138 issue price and closed day one still down close to 9%.

In other words: strong subscription numbers and a positive GMP didn’t save Skyways Air Services’ investors, and they’re not what’s separating Pranav Constructions from Annu Projects either — those are simply the two most recent, most rupee-comparable examples of a pattern that’s played out five times in the last ten days alone.

More are already lining up

Pranav Constructions IPO GMP: This isn’t a quiet week to sit out and watch. Alongside Pranav Constructions, the primary market has eleven main-board companies collectively looking to raise over ₹7,055 crore in the days ahead, including Rentomojo, Karamtara Engineering and Kanohar Electricals. Each will arrive with its own subscription numbers and grey-market chatter — and, if the last ten days are any indication, neither will tell the whole story on its own.

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