How To Check SRM Contractors IPO Allotment Status

SRM Contractors IPO received overwhelming interest from investors. The SRM IPO allotment status is set to be finalised today, April 1.

If you applied for the IPO, here is how you can check the SRM Contractors IPO allotment status.

Checking IPO Allotment Status on Registrar's Website:

Follow these steps to check the SRM IPO allotment status

  1. Visit the registrar's website.
  2. Click on "Company Selection" and choose "SRM Contractors" from the dropdown menu.
  3. Then you can enter your PAN, application number, or Demat.
  4. Enter the captcha and click Submit to retrieve the SRM Contractors IPO allotment status

Checking IPO Allotment Status on BSE:

  1. Go to the BSE website.
  2. Click on the ‘Equity' section and select "SRM Contractors" from the dropdown menu.
  3. Enter your application number or PAN.
  4. Click on the ‘Search' button.
  5. The result will show the number of shares allotted to you.

If all the details are entered correctly and the allotment has been finalised, the SRM Contractors IPO allotment status will be visible.

SRM Contractors IPO Subscription Status

The SRM Contractors IPO was fully subscribed within hours of opening. By the end of the third and final day of bidding, the IPO had been subscribed 86.57 times. The retail investor category has been subscribed 46.97 times, while the non-institutional investors category has seen a subscription of 214.94 times. The Qualified Institutional Buyers (QIBs) category has been subscribed 59.59 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 SRM IPO has been priced in the range of ₹200 to ₹210 per share, with a minimum lot size of 70 shares, requiring a minimum investment of ₹14,700 for retail investors. The IPO subscription commenced on March 26 and is scheduled to close on March 28.

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

Before its IPO launch for public subscription on March 26, the company successfully secured funds from anchor investors. This allocation took place on March 25, with equity shares allotted to anchor investors at the upper end of the price band.

SRM Contractors Company Details

SRM Contractors, established in 2008, functions as a construction and development firm with a specialization in a range of infrastructure projects. The company’s core emphasis is on constructing roads, encompassing bridges, tunnels, and slope stabilization works. Engaged in executing construction activities primarily within the Union Territories of Jammu and Kashmir and Ladakh, SRM Contractors play a pivotal role in advancing critical infrastructure development in the region.

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Posted In: NewsIPOsSRM Contractors