SRM Contractors IPO Subscription Status, GMP And Other Key Details

SRM Contractors IPO is purely a fresh issue of 62 lakh equity shares. The IPO price band is fixed at ₹200 to ₹210 per share, with a minimum lot size of 70 shares. This translates to a minimum investment of ₹14,700 for retail investors.

SRM Contractors IPO Subscription Status

The SRM IPO, which opened for subscription on March 26, and is set to close on March 28, was fully subscribed within hours of opening. As of 11:51 am on the second day of bidding, the IPO has been subscribed 7.31 times. The retail investor category has been subscribed 7.05 times, while the non-institutional investors category has seen a subscription of 15.57 times. The Qualified Institutional Buyers (QIBs) category has been subscribed 1.59 times.

The SRM IPO's allocation structure reserves up to 50% of the shares for Qualified Institutional Buyers (QIBs), a minimum of 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Investors.

SRM Contractors IPO GMP

The SRM Contractors IPO GMP is reported at ₹100. It is a jump from the ₹82 reported on the first day of bidding. The IPO GMP, combined with the upper price band of ₹210 indicates a listing price of ₹310, around 47% premium. However, it is important to note that while GMPs can provide some insight into market sentiment towards an IPO, they should not be taken as the sole factor behind the company’s performance upon listing.

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SRM Contractors IPO Details

The company intends to use the net proceeds from the offering for prepayment or scheduled repayment of existing borrowings, financing working capital requirements, and addressing general corporate purposes.

Prior to its initial public offering (IPO) launch for public subscription on Wednesday, March 26, the company successfully secured funds from anchor investors. This allocation was made on Tuesday, March 25, wherein equity shares were allotted to anchor investors at the upper price band.

Notable participants in the anchor round include both foreign and domestic institutions. The details of these participants are yet to be disclosed.

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Posted In: NewsIPOsSRM Contractors