SRM Contractors has launched an IPO valued at ₹130.20 crore, consisting of a fresh issue of 62 lakh equity shares. The IPO price band is set 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. The IPO opened for subscription on March 26 and is set to close on March 28.
SRM Contractors IPO Subscription Status
The SRM Contractors IPO was fully subscribed within hours of opening. As of 3:21 pm on the third day of bidding, the IPO has been subscribed 76.50 times. The retail investor category has been subscribed 41.74 times, while the non-institutional investors category has seen a subscription of 201.37 times. The Qualified Institutional Buyers (QIBs) category has been subscribed 43.66 times.
The 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.
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SRM Contractors IPO GMP
The SRM Contractors IPO GMP is reported at ₹125. 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 ₹335, around 60% premium. However, it’s important to note that while GMPs can provide some insight into market sentiment towards an IPO, they are not always a reliable predictor of the stock’s performance upon listing.
SRM Contractors IPO Details
The company plans to utilize the net proceeds from the offering for several purposes, including prepayment or scheduled repayment of existing borrowings, financing working capital requirements, and addressing general corporate purposes.
Ahead of its initial public offering (IPO) launch for public subscription on Wednesday, March 26, the company secured funds from anchor investors. This allocation occurred on Tuesday, March 25, with equity shares allotted to anchor investors at the upper price band.
SRM Contractors Company Details
SRM Contractors, founded in 2008, operates as a construction and development firm specializing in various infrastructure projects. The company’s primary focus lies in constructing roads, which may include bridges, as well as tunnels and slope stabilization works. SRM Contractors is actively involved in executing construction activities within the Union Territories of Jammu and Kashmir and Ladakh, contributing to the development of critical infrastructure in the region.
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