SRM Contractors IPO subscribed 3.56 times on Day 1 of offer

The initial public offer of SRM Contractors received 3.56 times subscription on the first day of bidding on Tuesday.

The IPO received bids for 1,54,35,840 shares against 43,40,100 shares on offer, as per NSE data.

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.

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 stabilization 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.