SRM Contractors IPO: Day 2 Subscription Details

6 Apr 2024 , 02:13 PM

SRM Contractors' IPO opened on March 26, offering 62 lakh fresh shares with an issue size of ₹130.2 Crore. Before the IPO, the company secured ₹39.06 Crore from three anchor investors. The subscription window remains open from March 26 to March 28, 2024, with a price band set at ₹200-210 per share. Click here to subscribe to the IPO. 

Retail oversubscription reaches 6.55 times, Non-Institutional Investors (NIIs) oversubscribed by 14.53 times, and Qualified Institutional Buyers (QIBs) by 1.59 times on the second day of subscription.

IPO proceeds aim to raise ₹130.2 Crore solely through fresh issue of 62 lakh shares, allocated with 50% for QIBs, 15% for NIIs, and 35% for retail investors.

Utilization of funds includes equipment purchase (₹31.5 Crore), working capital (₹46 Crore), debt repayment (₹10 Crore), investment in joint ventures (₹12 Crore), and general corporate purposes.

The minimum bid lot comprises 70 shares, with subsequent multiples of 70, requiring a minimum investment of ₹14,000 at the lower price band.

SRM Contractors specializes in civil construction activities like road construction, bridge building, and slope stabilization works in Jammu & Kashmir and Ladakh.

The basis of allotment is scheduled for finalization by April 1, with shares expected to be credited to demat accounts by April 2 and list on NSE and BSE by April 3, as per Red Herring Prospectus (RHP).

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