SRM Contractors IPO Subscribed 86.56 times

SRM Contractors IPO is book built issue of Rs 130.20 crores, comprising entirely of fresh issue of 0.62 crore shares. SRM Contractors IPO opens for subscription on March 26, 2024, & closes on March 28, 2024.  Allotment for SRM Contractors IPO is expected to be finalized on Monday, April 1, 2024. SRM Contractors IPO will list on BSE & NSE, with tentative listing date fixed as Wednesday, April 3, 2024.

SRM Contractors IPO price band is set at ₹200 to ₹210 per share. Minimum lot size for application is 70 Shares. Minimum amount of investment required by retail investors is ₹14,700. For sNII, minimum lot size investment is 14 lots (980 shares), amounting to ₹205,800, & for bNII, it is 69 lots (4,830 shares), amounting to ₹1,014,300.

Upcoming Ipo’s (SRM Contractors) book running lead manager is Interactive Financial Services Ltd, while Bigshare Services Pvt Ltd is registrar for issue.

Read more about SRM Contractors IPO

Final Subscription Status of SRM Contractors IPO

AS of March 28 2024, 17:15 PM

SRM Contractors IPO subscription status reflects overwhelming investor interest, with issue being subscribed 86.56 times overall by March 28, 2024. In retail category, subscription was 46.96 times, indicating strong retail investor participation.

Qualified Institutions witnessed robust demand, with subscription of 59.59 times, demonstrating institutional investors' confidence in IPO.  Non-Institutional Buyers (NII) category, including bids above & below ₹10 lakhs, experienced exceptional subscription levels of 214.94 times, showcasing significant interest from high-net-worth individuals & other non-institutional investors.

High subscription levels across all investor categories suggest positive market sentiment towards SRM Contractors IPO. Substantial oversubscription reflects investors' confidence in company’s prospects & attractiveness of its offerings.

Overall, strong subscription indicates favourable response from investor community & bodes well for successful debut of SRM Contractors on stock exchanges.

SRM Contractors IPO Allocation Quota for Various Categories

Data Source: NSE

How Subscription Built up for the SRM Contractors IPO

AS of March 28 2024, 17:15 PM

SRM Contractors IPO subscription details reveal compelling narrative of investor interest & confidence. Over course of three days, IPO witnessed steady & significant increase in demand from all investor categories. Qualified Institutional Buyers (QIBs), Non-Institutional Buyers (NIIs), & Retail investors displayed remarkable enthusiasm, with subscription levels soaring to 59.59 times, 214.94 times, & 46.96 times, respectively, by closing date.

This overwhelming oversubscription of 86.56 times overall underscores strong market sentiment & investor belief in SRM Contractors' business prospects. Robust participation from retail investors indicates widespread confidence in IPO offering. Overall, subscription details depict promising outlook for SRM Contractors' debut on stock exchanges, reflecting positive market sentiment & investor appetite for company’s shares.