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SRM Contractors Limited's IPO Opens Strong, Subscription Figures Surge

26 Mar 2024 , 11:50 AM

SRM Contractors Limited, a prominent player in the construction sector, has embarked on its journey into the Indian primary market with its initial public offering (IPO), commencing today. With an offering that spans till March 28, 2024, the company has set the price band for its IPO at ₹200 to ₹210 per equity share. The IPO, which is a book build issue, is slated for listing on both the BSE and NSE. Click here to subscribe to the IPO.

Subscription Trends:

In a promising start, the public issue has garnered substantial interest from investors, with the subscription reaching 0.77 times within the first few hours of bidding. Notably, the retail portion of the offering has been oversubscribed, standing at 1.10 times, signifying strong retail investor participation. Additionally, the Non-Institutional Investor (NII) portion has been subscribed 1.05 times, further underlining investor confidence in the company’s prospects.

Financial Overview:

SRM Contractors aims to raise ₹130.20 Crore through the issuance of fresh shares in this mainboard IPO. The company has already secured ₹39.06 Crore from anchor investors, reflecting their confidence in SRM Contractors’ growth trajectory.

In the financial year 2023, SRM Contractors exhibited robust performance, with revenue witnessing a commendable growth of approximately 13.25% year-on-year (YoY). During the same period, the company’s Profit After Tax (PAT) surged by 6.70%, showcasing a steady upward trajectory in its financial performance.

SRM Contractors is a construction and development company specializing in various infrastructure projects in the regions of Jammu & Kashmir (J&K) and Ladakh. The company’s primary activities include the construction of roads, bridges, tunnels, and slope stabilization works, among other construction projects. SRM Contractors operates as an Engineering, Procurement, and Construction (EPC) contractor, as well as on a unit-price basis for infrastructure projects. Additionally, the company undertakes subcontracting for infrastructure construction projects in the aforementioned regions.

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