The SRM Contractors IPO is scheduled for listing tomorrow, April 3, after the allotment was finalized on Monday, April 1. Today, April 2, will witness the crediting of shares to demat accounts for allocated individuals, along with the completion of the share refunding process for those awaiting shares.
The IPO received an overwhelmingly positive response over its three-day span, with a subscription status of 86.57 times, according to BSE data. Notably, the non-institutional investors (NIIs) portion was oversubscribed 214.94 times, while the retail portion saw a subscription of 46.97 times, and the qualified institutional buyers (QIBs) portion was subscribed 59.59 times.
The IPO price band was fixed at ₹200– ₹210 per share, with a face value of ₹10, and market experts advise allotted investors to consider booking profits post-listing, anticipating stretched valuations matching listed stocks. The SRM Contractors IPO GMP stands at +95, indicating a premium of ₹95 in the grey market. It is anticipated to list at ₹305 per share, a 45.24% increase from the IPO price.
The IPO comprises a fresh issue of up to 62,00,000 equity shares, valued at ₹130.20 crore, with no offer-for-sale component. The net proceeds will be allocated for various purposes, including meeting working capital needs, repaying existing loans, participating in project-specific joint ventures, and general corporate purposes.
Interactive Financial Services Ltd is the book running lead manager, while Bigshare Services Pvt Ltd serves as the registrar for the IPO.
