SRM Contractors Shares Jump 5% After Listing

4 Apr 2024 , 09:33 AM

Following a quiet launching, the share price of SRM Contractors extended gains and was locked in at the 5% upper circuit. The shares of SRM Contractors, a construction company with a concentration on Jammu & Kashmir and Ladakh, debuted flat on the Indian stock market today.

SRM Contractors’ shares were listed on the BSE for ₹225 a share, which was 7.14% more than the share’s issue price of ₹210. On the NSE, the stock opened trading at a 2.5% premium or ₹215.25 per share.

The share price of SRM Contractors was locked at 5% upper circuit at ₹236.20 apiece on the BSE shortly after the listing. The stock had increased 12.48% since its IPO price at this point. SRM Contractors’ shares on the NSE were 5% higher at ₹226.00.

Subscriptions for SRM Contractors’ Initial Public Offering (IPO) were accepted from March 26 to March 28. On April 1, the IPO allotment was completed, and on April 3, the shares were listed.

SRM Contractors issued 62 lakh equity shares in their initial public offering (IPO), which had a value of ₹130.20 crore. The pricing range for the IPO was ₹200–₹210 per share. On the final day of bidding, 86.57 subscriptions were made to the SRM Contractors IPO.

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