SRM Contractors IPO: Check Subscription Status, GMP Today

SRM Contractors IPO: The initial public offering of SRM Contractors Ltd, which was opened for public subscription on March 26, has received positive response from investors with the offer being subscribed over 3 times so far. As per data available till 6:21 pm on the first day of bidding on Tuesday, the Rs 130.20-crore IPO received 3.67 times subscription, garnering bids for 1,57,72,750 shares against 43,40,100 shares on offer.

The category for non-institutional investors got subscribed 6.26 times while the portion for Retail Individual Investors (RIIs) attracted 3.54 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 1.57 times.

SRM Contractors IPO GMP Today

According to market observers, unlisted shares of SRM Contractors Ltd are trading Rs 90 higher in the grey market as compared with its issue price. The Rs 90 grey market premium or GMP means the grey market is expecting a 42.86 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

SRM Contractors IPO Details

The initial public offering (IPO) of fresh issue of up to 62,00,000 equity shares has a price range of Rs 200-210 a share. SRM Contractors mopped up Rs 39 crore from anchor investors on Friday.

The firm is an engineering construction and development company engaged primarily in the construction of roads (including bridges), tunnels, slope stabilisation works and other miscellaneous civil construction activities in the Union Territories of Jammu & Kashmir and Ladakh, as per its website.

The company was incorporated in September 2008.

Interactive Financial Services is the manager to the offer.

The minimum amount of investment required by retail investors is Rs 14,700. The minimum lot size investment for small NII is 14 lots (980 shares), amounting to Rs 2,05,800, and for big NII, it is 69 lots (4,830 shares), amounting to Rs 10,14,300.

Interactive Financial Services Ltd is the book-running lead manager of the SRM Contractors IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.