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SRM Contractors IPO Witness Strong Demand on Opening Day; Retail, NII Portions Fully Subscribed

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Srm Contractors Ipo Witness Strong Demand On Opening Day; Retail, Nii Portions Fully Subscribed

On the first day of its public offering, SRM Contractors IPO witnessed strong demand with both retail investors and non-institutional investors (NIIs) showing high interest in the issue.

Within just a few hours of opening, the retail and NII portions were fully subscribed, indicating robust demand for SRM Contractors IPO.

As per data from BSE, the overall subscription status of SRM Contractors IPO stood at 3.56 times on Day 1. The retail portion was subscribed 3.55 times, while the NII portion saw 6.26 times subscription. The QIB portion was subscribed 1.57 times.

The SRM Contractors IPO, priced in the range of ₹200 to ₹210 per share, is open for subscription until March 28, 2024.

SRM Contractors is an engineering firm engaged in civil construction projects, primarily in the Union Territories of Jammu & Kashmir and Ladakh.

According to the Red Herring Prospectus, the company’s order book has contracts valued at ₹1199.31 crore as of January 31, 2024, showcasing the firm’s strong project pipeline.

Peers of SRM Contractors, including Man Infraconstruction Ltd, ITD Cementation India Ltd, Likhitha Infrastructure Ltd, and Udayshivakumar Infra Ltd, are listed companies with comparable valuations.

Interactive Financial Services Ltd is the lead manager of the SRM Contractors IPO, with Bigshare Services Pvt Ltd serving as the registrar for the offering.

The grey market premium (GMP) for SRM Contractors IPO stands at +78, suggesting a strong investor appetite for the company’s shares in the aftermarket.

Based on the data from Investorgain.com, analysts estimate SRM Contractors shares could list at a premium of ₹78 in the grey market, indicating a possible listing price of ₹288 per share.

Investors are anticipating a solid listing for SRM Contractors IPO based on the robust GMP and demand observed in the grey market over the past few sessions.

Rachel Adams

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