SRM Contractors IPO Day 3: Issue booked over 45 times, NIIs steal the show; check GMP, subscription status & more

Estimated read time 14 min read

On day 3, the overall SRM Contractors IPO subscription status was 45.69 times, as per NSE data. SRM Contractors IPO was the sole mainboard IPO open for subscription this truncated week. The company had reserved 15 per cent of the shares for NIIs, a maximum of 50 per cent for qualified institutional buyers (QIBs), and not less than 35 per cent for retail investors.

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SRM Contractors IPO details. (SRM Contractors IPO)

SRM Contractors IPO subscription status

SRM IPO received bids for 19,82,86,970 shares against 43,40,100 shares on offer today, according to data from the NSE. The retail portion was subscribed 27.06 times, and NII portion was booked 109.32 times and the QIB portion was booked 30.56 times on the third and final day of bidding.

The retail investors’ segment received bids for 5,87,15,300 shares against 21,70,000 shares on offer for this segment. The NIIs portion got bids for 10,16,71,290 shares against 9,30,000 on offer for this segment. The QIBs segment got bids for 3,79,00,380 shares against 12,40,100 on offer for this segment.

On the second day of bidding, the issue was subscribed 9.7 times and on the first day, it was booked 3.56 times, according to stock exchange data.

SRM Contractors IPO details

 SRM Contractors IPO consists of of fresh issue of up to 62,00,000 equity shares aggregating up to 130.20 crore. There was no offer-for-sale component. SRM Contractors IPO price band was fixed in the range of 200 to 210 apiece of the face value of 10. Bids could be made for multiples of 70 shares, with a minimum bid of 70.

The allotment for the SRM Contractors IPO is expected to be finalized on Monday, April 1, 2024. SRM Contractors IPO will list on BSE, NSE with tentative listing date fixed as Wednesday, April 3, 2024. The lead manager of the issue is Interactive Financial Services Ltd, and the registrar is Bigshare Services Pvt Ltd.

Also Read: SRM Contractors IPO Day 2: Issue booked 9.7 times on strong NII interest; check GMP, subscription status, more

With the net proceeds from the offering, the company intends to fund the following goals: meeting working capital needs; fully or partially repaying existing secured loans; taking part in joint ventures customised for specific projects; and general corporate purposes. Additionally, funding will be available for the capital expenses required to buy machinery and equipment.

SRM Contractors Company Details

SRM Contractors, an engineering firm operating in the Union Territories of Jammu & Kashmir and Ladakh, focuses on a variety of civil construction projects. Its undertakings include building roads (including bridges), tunnels, slope stabilisation projects, and other small-scale projects.

According to the Red Herring Prospectus (RHP), contracts in the company’s order book, including subcontracting activities, have values of 1,199.31 crore as of January 31, 2024, 834.69 crore as of March 31, 2023, 257.88 crore as of March 31, 2022, and 432.57 crore as of March 31, 2021. The company’s promoters are Ashley Mehta, Puneet Pal Singh, and Sanjay Mehta.

Also Read: SRM Contractors IPO: 10 key risks to consider before subscribing to the issue

Peers that are listed with the firm include Man Infraconstruction Ltd (P/E of 46.87), ITD Cementation India Ltd (P/E of 46.56), Likhitha Infrastructure Ltd (P/E of 17.42), and Udayshivakumar Infra Ltd (P/E of 21.17).

SRM Contractors IPO GMP today

SRM IPO GMP today is is +125. This indicates SRM Contractors share price were trading at a premium of 125 in the grey market, according to

Taking into consideration the upper end of the IPO pricing band and the current premium on the grey market, the estimated listing price of SRM Contractors shares was suggested at 335 apiece, which is 59.52 per cent more than the IPO price of 210. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

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Published: 28 Mar 2024, 09:32 PM IST

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