SRM Contractors Ltd.'s initial public offering was fully subscribed hours after it opened for subscription on Tuesday.
The company launched its IPO to raise up to Rs 130.2 crore. It comprises entirely a fresh issue of up to 62 lakh equity shares with a price band of Rs 200 to Rs 210 per share.
The engineering construction company has raised Rs 39 crore from anchor investors ahead of its IPO, which has a minimum application lot size of 70 shares.
Interactive Financial Services Ltd. is the book-running lead manager for the public offer.
Issue Details
Issue opens: March 26.
Issue closes: March 28.
Total issue size: Rs 130.2 crore.
Face value: Rs 10 apiece.
Fixed price band: Rs 200–210 per share.
Minimum lot size: 70 shares.
Listing: NSE and BSE.
Use Of Proceeds
Proceeds of the issue will be used to purchase machinery, support working-capital requirements, invest in joint-venture projects, pay debt and for general corporate purposes.
Business
SRM Contractors 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 Jammu & Kashmir and Ladakh.
The company undertakes construction works both as an EPC contractor and on an item-rate basis for infrastructure projects. The company also undertakes sub-contracting assignments of infrastructure construction projects.
Subscription Status: Day 1
The IPO has been subscribed 3.56 times as of 5 p.m. on Tuesday.
Institutional investors: 1.57 times.
Non-institutional investors: 6.26 times.
Retail investors: 3.54 times.
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