There are signs of bumper listing
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SRM Contractors Limited IPO: The trend of IPO continues in the Indian stock market. SRM Contractors’ IPO was subscribed 86.57 times on the last day of bidding. According to NSE data, the company received bids for 37,57,05,680 shares on offer of 43,40,100 shares. The category of non-institutional investors received subscription of 214.93 times. Whereas, the retail individual investors (RII) segment got subscription of 46.97 times and the qualified institutional buyers (QIB) segment got subscription of 59.59 times. 62,00,000 new shares have been issued under the IPO. For this the company has fixed the price band at Rs 200-210 per share. Earlier, SRM Contractors had raised Rs 39 crore from anchor investors.
When will the allotment of shares take place?
After applying for the IPO, investors are now waiting for the allotment of shares. The allotment of shares is to be done by the company on April 1. Whereas, the refund process will be started by the company on April 2. On the same day, the shares will be sent to the investors demat account. The company is likely to be listed on BSE and NSE on April 3.
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what does the company do
The company is trying to raise Rs 130.20 crore from the market. SRM Contractors has experience of working on highways, bridges, tunnels, slope stabilization projects. It was established in the year 2008.
What will the company do with the IP money?
The company is going to purchase building material and machinery with the money deposited through IPO. Along with this, some money will also be used to repay the loan. It will also be used for increasing working capital and general corporate purposes.
what is gmp
There is a premium of Rs 125 on the shares of the company in the gray market. Due to this, it is likely to be listed at Rs 335.
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