- SRIT India's Rs 218.40 crore IPO was fully subscribed on the first day of bidding
- Retail investors subscribed 1.58 times, bidding for 93.08 lakh shares against 58.80 lakh
- Non-institutional investors bid for 22.09 lakh shares, 0.88 times the shares offered
The Rs 218.40 crore initial public offering (IPO) of SRIT India was fully subscribed on the first day of bidding, with total demand reaching 100% the shares on offer as of 05:00 PM on Tuesday.
The grey market premium stood at Rs 30 per share, signalling a potential 23% gain on the day of listing, according to IPO Watch. However, GMP pertains to unofficial market, and should not be viewed as an official price quote.
According to the latest bid details, investors placed bids for 1,15,21,160 shares against 1,17,29,885 shares offered across categories. The retail portion saw the strongest demand and was subscribed 1.58 times.
Retail investors bid for 93,08,790 shares against the 58,80,000 shares reserved for the category. This pushed the retail subscription above the one-time mark on the opening day.
The non-institutional investor (NII) category received bids for 22,09,150 shares, compared with 25,20,000 shares on offer. The segment was subscribed 0.88 times by the latest update.
Also Read | Shah Investor's Home IPO GMP Today: Check Grey Market Premium On Day 1 Of Subscription
The qualified institutional buyer (QIB) segment saw limited bidding during the day. Investors placed bids for 3,220 shares against 33,60,000 shares reserved for the category.
SRIT India opened its IPO for subscription on September 28. The issue will close on September 30.
The company has fixed the price band at Rs 123 to Rs 130 per share, while the lot size is 115 shares. A retail investor needs a minimum investment of Rs 14,950 at the upper price band.
Also Read | IPO GMP Today: Moneyview Shows Higher Implied Listing Gain Than A-One Steels
The IPO comprises a fresh issue of 1.68 crore shares. The company plans to use the proceeds towards working capital, modernisation and redevelopment of existing products, acquisitions and general corporate purposes.
SRIT India is a Bengaluru-based IT and IT-enabled services company. It provides digital solutions, automation and custom application development services. The company is scheduled to list its shares on the BSE and NSE on October 6.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.