SRM Contractors, a company engaged in various types of construction related activities, made a good debut on the stock market on Wednesday. After the excellent response to the IPO, the shares were listed with a premium of 7 percent.
Listing was done at this price of Rs.
The IPO of SRM Contractors was opened on March 26. Investors could bid in the IPO till March 28. After that, shares of SRM Contractors were allotted on 1 April. The shares of the company were credited to the demat accounts of successful investors yesterday on Tuesday. After that, the shares were listed on BSE and NSE this morning.
So much profit for investors on every lot
Shares of SRM Contractors were listed on BSE at Rs 225 with a premium of 7 per cent. . At the same time, listing was done on NSE at a price of Rs 215.25 with a premium of 2.5 percent.
In this way, the investors of this IPO have made huge earnings on the first day itself. Under the IPO, a lot of 70 shares was fixed, while the price band was Rs 200 to Rs 210 per share. That means investors needed to invest Rs 14,700 for one lot. According to the prices after listing on BSE, the value of the lot has become Rs 15,750. That means investors have earned Rs 1,050 on each lot on the very first day.
IPO got tremendous response
The size of SRM Contractors' IPO was Rs 130.20 crore. There was no offer for sale in the company's IPO. That means, fresh equity issues worth Rs 130.20 crore were made under IPO. The IPO was subscribed maximum 215 times in NII category, while it was subscribed 59.59 times in QIB category and 46.97 times in retail category. In this way, the IPO was subscribed 86.57 times overall.
Company has orders worth thousand crores
SRM Contractors is active in the specialized engineering construction business. The company does construction work ranging from roads to tunnels. According to the data till December 2023, the company had orders worth Rs 1,200 crore. The promoters of this company established in 2008 are Sanjay Mehta, Ashley Mehta and Puneet Pal Singh.
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