SRM Contractors IPO subscription open today: GMP, price band and key dates

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New Delhi: SRM Contractors IPO with an issue size of Rs 130.20 crore comprising freshly issued shares with a price band of Rs 200-210 per share opened on March 26, 2024. The mainboard IPO is expected to close on March 28, 2024 and it is likely to list on the BSE and NSE indices going forward.

SRM Contractors IPO GMP and subscription status

SRM Contractors IPO GMp stood at Rs 67 per share in the grey market, indicating a listing price of Rs 277 per share. GMP is the grey market premium that investors are willing to pay for a share.

As of 12:18 pm on March 26, 2024, SRM Contractors IPO was subscribed 1.54X. Here is the category wise subscription status:

Retail: 1.45X
Non-institutional investor: 1.39X
Qualified institutional buyer: 1.49X

SRM Contractors IPO key dates

Opening date: March 26, 2024
Closing date: March 28, 2024
Allotment date: April 1, 2024
Refund date and credit of shares: April 2, 2024
Listing date: April 3, 2024

UPI mandates for offer subscription may be submitted until 5 pm on March 28, 2024. Interactive Financial Services is acting as the book-running lead manager on the IPO. Bigshare Services is serving as registrar on the IPO.

SRM Contractors IPO details

With revenue of Rs 234.55 crore and profit after tax of Rs 21.07 crore in the period ending December 31, 2023, SRM Contractors has initiated its IPO to raise funds worth Rs 130.20 crore to fund capital expenditure requirements.

The company also plans to prepay outstanding securities, meet its working capital requirements, and invest in joint venture projects using proceeds from the IPO.

Retail investors can purchase a minimum of 70 shares of the company at a price of Rs 14,700 per share. SRM Contractors is in the construction business with a focus on Jammu and Kashmir, as well as Ladakh. The company undertakes EPC projects and is also involved in subleasing construction projects.

(Disclaimer: This article is only meant to provide information. News9live.com does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)

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