SRM Contractors IPO over subscribed 86 times Check latest GMP and other detail

SRM Contractors: The IPO of SRM Contractors has received tremendous response from the market. The last date for bidding on this was March 28. Investors invested heavily in this IPO and this IPO closed after being subscribed 86.57 times. The company had issued about 43.40 lakh shares in the IPO. However, investors invested money for 37.57 crore shares. Retail investors subscribed it 46.97 times, Qualified Institutional Buyers (QIB) 59.59 times and Non-Institutional Buyers (NIB) 214.94 times.

Listing will take place on April 3

In this IPO of SRM Contractors, 50 percent share was reserved for QIBs, 15 percent NIB and 35 percent share was reserved for retail investors. SRM Contractors wants to collect Rs 130.20 crore through this IPO. 62 lakh shares of fresh equity shares were issued in this IPO. Their price range was kept at Rs 200 to Rs 210 per share. The allotment date of this IPO has been kept as 1 April. The listing of the company will take place on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on 3 April.

GMP running at Rs 110

According to the information given by the company, the money received from this IPO will be used to purchase machines, meet working capital requirements, spend on joint ventures, repay loans and corporate purposes. Its gray market price (GMP) is running at Rs 110. It is expected that its listing can be done with 50 percent profit.

Business is in engineering and construction

SRM Contractors' business extends to road, bridge, tunnel and slope stabilization. It works extensively in Jammu and Kashmir and Ladakh. It does engineering and construction work. This IPO has received positive signals from many brokerage firms. He has indicated that this company can give profits in the medium to long term.

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