SRM Contractors IPO subscribed 86.57 times on final day

SRM Contractors IPO, SRM Contractors IPO details: Jammu-headquartered SRM Contractors, an engineering, procurement and construction (EPC) company rolled out an initial public offer (IPO) on March 26. The public offer, comprising fresh issuance of shares, is estimated to be worth Rs 130 crore. 

SRM Contractors IPO subscription status

According to provisional exchange data, the IPO received bids for 37,57,09,530 shares against 43,40,100 shares on offer, an overall subscription of 86.57 times. On the final day of subscription, the category for non-institutional investors got subscribed 214.94 times while the portion for Retail Individual Investors (RIIs) attracted 46.97 times subscription. The quota for Qualified Institutional Buyers (QIBs) was subscribed 59.59 times. 

Here are the 10 key things to know about the upcoming SRM Contractors IPO:

1. SRM Contractors IPO open date, SRM Contractors IPO close date

The IPO opened for subscription from 10 am to 5 pm on Tuesday, March 26, for three trading days till March 28.

2. SRM Contractors IPO price band

Under the SRM Contractors IPO, shares were available for bidding in a price band of Rs 200-210 apiece.

3. SRM Contractors IPO lot size

The shares were in multiples of 70 units, which translates into Rs 14,700 per lot at the upper end of the price band.

4. SRM Contractors IPO: No. of shares on offer

The issue comprised a fresh issuance of 62 lakh shares.

5. SRM Contractors IPO allotment date

The basis of the allotment of shares, under the SRM Contractors IPO, is likely to be finalised tentatively on Monday, April 1.

6. SRM Contractors IPO listing date

SRM Contractors IPO shares are likely to be listed on stock exchanges BSE and NSE tentatively on Wednesday, April 3. 

7. SRM Contractors IPO: Book-running lead managers

Interactive Financial Services is the book-running lead manager of the SRM Contractors IPO,

8. SRM Contractors IPO: Registar

Bigshare Services is the registrar for the issue.

9. SRM Contractors IPO: Fund Utilisation

The company plans to utilise the net proceeds towards from the IPO funding the following:

• Funding capital expenditure requirements for the purchase of equipment and/or machinery 
• Full or part repayment and/or prepayment of certain outstanding secured borrowings 
• Funding the working capital requirements 
• Investment in project-specific joint ventures
• General corporate purposes

10. Company profile: What does SRM Contractors do?

Established in 2008, SRM Contractors is a construction and development company primarily engaged in a host of construction activities involving roads, bridges, tunnels, and slope stabilisation, in Jammu and Kashmir, and Ladakh.

The company operates as an EPC contractor and on a unit-price basis for infrastructure projects, and subcontracts infrastructure construction projects.