SRM Contractors Limited IPO Last Day: Subscribed 86.54X

On the last day of the bidding process, March 28, 2024, the Initial Public Offer (IPO) of SRM Contractors Limited was subscribed 86.54x. The retail portion was subscribed to 46.92x, while 59.59x in Qualified Institutional Buyers (QIB) and 214.92x in the Non-Institutional Investors (NII) category.

SRM Contractors IPO opened for subscription on Tuesday, March 26, 2024, and closed today on Thursday, March 28, 2024.

The allotment date for the IPO shares is expected to be on Monday, April 1. On the next day, April 2, the shares will be credited to the allottees’ demat accounts, and it is also the refund day. SRM Contractors’ stock is likely to be listed on BSE and NSE on Wednesday, April 3, 2024.

SRM Contractors Limited IPO GMP

On March 28, 2024, the shares of SRM Contractors Limited were commanding a premium of ₹140 in the grey or unlisted market.

Day Wise Subscription Details

About SRM Contractors Limited IPO

SRM Contractors Limited IPO is a fresh issue of 6,200,000 shares, aggregating up to ₹130.20 crore. The price band of the IPO has been set from ₹200 to ₹210 per share. The face value was set at ₹10 per share. The lot size of the issue was 70 shares.

The objects of the IPO are to fund the capital expenditure requirements for purchasing equipment/machinery; to invest in Project Specific Joint Venture Projects; to repay and/or prepay fully or partly certain outstanding secured borrowings availed by the company; For general corporate purposes; and to fund the company’s working capital requirements.

On March 22, 2024, SRM Contractors Limited’s IPO committee held a meeting after consulting the Book Running Lead Managers. They finalised the allocation of 18,59,900 equity shares to Anchor Investors at an Anchor Investor allocation price of ₹210 per share.

About SRM Contractors Limited

SRM Contractors Limited is an engineering construction and development company that is involved mainly in the construction of roads, tunnels, bridges, slope stabilisation works, and other civil construction activities in the Union Territories of Jammu & Kashmir and Ladakh. In FY 2023, the company reported a total income of ₹30,065.09 lakh, which is ~13.24% higher than ₹26,550.88 lakh in FY 2022. While the net profit for FY 2023 was ₹1,874.62 lakh, ~6.70% higher than ₹1,756.77 lakh in FY 2022.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.