Active Stocks
Wed Jun 19 2024 15:54:35
  1. HDFC Bank share price
  2. 1,658.00 3.06%
  1. Tata Steel share price
  2. 180.05 -0.61%
  1. State Bank Of India share price
  2. 852.60 0.95%
  1. ITC share price
  2. 423.70 -1.19%
  1. ICICI Bank share price
  2. 1,144.75 1.93%
Business News/ Markets / Ipo/  SRM Contractors IPO opens today: GMP, review, subscription status, other details. Apply or not?
BackBack

SRM Contractors IPO opens today: GMP, review, subscription status, other details. Apply or not?

SRM Contractors IPO GMP: Shares of the construction company are available at a premium of ₹67 in the grey market today, say market observers

SRM Contractors IPO price band has been set in the range of ₹200 to ₹210 per equity share of the face value of ₹10. (Photo: Courtesy company website)Premium
SRM Contractors IPO price band has been set in the range of 200 to 210 per equity share of the face value of 10. (Photo: Courtesy company website)

SRM Contractors IPO: The initial public offering (IPO) of SRM Contractors Limited has hit the Indian primary market today. The public issue will remain open till 28th March 2024. The construction company has fixed SRM Contractors IPO price band at 200 to 210 per equity share. The book build issue is proposed for listing on BSE and NSE. The mainboard IPO aims to raise 130.20 crore through the issuance of fresh shares. SRM Contractors IPO has already raised 39.06 crore from anchor investors. Meanwhile, shares of SRM Contractors Limited have gained strength in the grey market. According to stock market observers, SRM Contractors share price is available at a premium of 67 in the grey market today.

SRM Contractors IPO subscription status

By 12:18 PM on day one of bidding, the public issue has been subscribed 1.45 times whereas its retail portion has been booked 1.39 times. The NII portion of the initial offer has been booked 1.49 times. The QIB portion of the mainboard issue has been booked 1.54 times.

Important SRM Contractors IPO details

1] SRM Contractors IPO GMP today: Shares of the company are available at a premium of 67 in the grey market today. On the weekend, it was quoting 52 per share gain for a potential share allottee.

2] SRM Contractors IPO price band: The construction company has fixed the price of the book build issue at 200 to 210 apiece.

3] SRM Contractors IPO subscription: The issue will remain open from 26th to 28th March 2024.

4] SRM Contractors IPO size: The construction company aims to raise 130.20 crore from its initial public offer.

Infographic: Courtesy mintgenie
View Full Image
Infographic: Courtesy mintgenie

5] SRM Contractors IPO lot size: One lot of the mainboard IPO comprises 70 shares of the company.

6] SRM Contractors IPO allotment date: The tentative date of share allocation is 1st April 2024 i.e. on Monday next week.

7] SRM Contractors IPO registrar: Bigshare Services Private Limited has been appointed as the official registrar of this public issue.

8] SRM Contractors IPO listing: The book build issue is proposed for listing on BSE and NSE.

9] SRM Contractors IPO listing date: The likely date for share listing is 3rd April 2024 i.e. on Wednesday next week.

SRM Contractors IPO: Apply or not?

10] SRM Contractors IPO review: On whether one should apply for the mainboard IPO or not, Parth Shah, Research Analyst at StoxBox said, "Due to its expertise and know-how to undertake infrastructure construction projects in difficult terrains, the company has also emerged as a key player in the infrastructure construction industry in the Union Territories of Jammu & Kashmir and Ladakh and as a result has developed technical capabilities to execute projects in hilly/ challenging terrain in the region. The company also has a track record of completing large-scale government projects. During recent years, various factors such as rapid urbanization, rapid freight movement, and demand for improved infrastructure have been pushing tunnel construction and development throughout the country. Therefore, due to this increased focus on infrastructure, the tunneling sector is expected to propel with a strong pipeline network of 1,300 tunnels, spanning around the country with a length of more than 3,600 km. Hence, bridging such an infrastructure demand gap and capitalizing on such market opportunity, SRM Contractors Limited has emerged as a key player in the infrastructure construction industry."

"By executing several road, tunnel, and slope stabilization projects over the past 15 years, SRM Contractors Limited has gained the experience and has developed technical capabilities to execute projects in hilly/challenging terrain in the region. Therefore, looking at the future scenarios, we remain positive on the Indian infrastructure story and believe that SRM Contractors Ltd will emerge as one of the reliable partners in nation-building. Hence, we advise the market participants to subscribe to this issue and hold them for a medium to long-term investment horizon," the StoxBox expert said.

Advising investors to apply for the short term, Avinash Gorakshkar, Head of Research at Profitmart Securities said, 'SRM Contractors Limited is an engineering construction company with strong growth print. The company has a strong order book as well. However, the poor track record of the merchant banker may work as an impediment to the mainboard IPO. The public issue is small in size as the construction company aims to raise around 130 crore from its offer. So, an investor can apply for the listing gain only."

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 26 Mar 2024, 09:54 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started