SRM Contractors IPO allotment out today; Here's how to check

1 Apr 2024 , 02:07 PM

The public offering of SRM Contractors has received an overwhelming response from investors, with the subscription reaching 86.57 times the IPO size on March 28, the final day of bidding. Investors have collectively purchased 37.57 crore equity shares, surpassing the IPO size of 43.4 lakh equity shares. The company is set to announce the allotment of the IPO today.

Investors who have applied for the IPO can check the allotment status of SRM Contractors on the BSE website or on the IPO registrar website, Bigshare Services Pvt Ltd. They will need to provide the application number and PAN details to access the allotment status.

SRM Contractors primarily focuses on construction activities such as roads (including bridges), tunnels, slope stabilization works, and other construction projects in the Union Territories of Jammu & Kashmir and Ladakh.

Financially, the company has demonstrated growth, with a net profit of Rs 18.75 crore in FY23, up from Rs 17.57 crore in the previous fiscal year. Revenue also witnessed a notable increase, rising from Rs 263.3 crore in FY22 to Rs 300.3 crore.

The proceeds from the IPO will be utilized for various purposes, including repaying borrowings, meeting working capital requirements, and entering into joint ventures with other companies. Additionally, a portion of the funds will be allocated for general corporate purposes.