SRM Contractors IPO share allotment to be finalised today, likely to list on April 3: Here's how to check status
Upstox
3 min read • Updated: April 1, 2024, 3:41 PM
Summary
SRM Contractors IPO allotment status: SRM Contractors IPO, entirely a fresh issue of 62 lakh shares, was subscribed over 86.5 times during the subscription period from March 26-28. SRM Contractors IPO share allotment is likely to be finalised today, with listing on April 3.
SRM Contractors Ltd IPO share allotment is expected to be finalised on Monday, April 1, following a strong subscription. The ₹130.2-crore initial public offer received a high demand from investors during the bidding window, which was open between March 26 and March 28.
SRM Contractors IPO, entirely a fresh issue of 62 lakh shares, was subscribed over 86.5 times led by strong demand by non-institutional investors (NIIs). The company received bids for 37.57 crore shares against 43.4 lakh shares on offer for public investors, NSE data showed.
The NII portion of 9.3 lakh shares was subscribed nearly 215 times. The qualified institutional buyers’ (QIBs) portion in SRM Contractors IPO was subscribed 59.59 times. Retail investors submitted bids 50 times of the shares on offer for the segment.
The investors who participated in SRM Contractors IPO bidding can check the allotment status online via the official website of the registrar of the IPO, Bigshare Services Pvt Ltd. Additionally, the share allotment status will be also updated on the National Stock Exchange's official portal.
How to check SRM Contractors IPO allotment status online?
- Log on to the official website of Bigshare Services at https://www.bigshareonline.com/Index.aspx
- Click on the IPO Allotment Status tab.
- Select any one of the server links available to proceed with your request.
- You will be redirected to a new page. Now, select SRM Contractors from the dropdown menu under the ‘Company selection’’ tab. The company's name will only appear after the allotment of shares.
- Fill in the required details.
- Click on submit.
The share allotment status in SRM Contractors IPO will be displayed on the screen. In case of successful allotment, the number of allotted shares will also be displayed on the screen.
How to check SRM Contractors IPO allotment via NSE?
- Go to the official website of NSE at nseIndia.com
- Create a new registration using the required details
- Log in to your account
- Select SRM Contractors IPO from the dropdown list
- Enter PAN details and application number
- Click on submit
Following the allotment, SRM Contractors will initiate refunds for non-allottees on Tuesday, April 2. Credit of shares into the demat account of successful bidders will also be initiated on the same day.
SRM Contractors shares are tentatively scheduled to be listed on the NSE and BSE on Wednesday, April 3.
SRM Contractors IPO is an entirely fresh issue of 64 lakh shares including an anchor allocation of over 18.59 shares. There is no offer-for-sale (OFS) component in the IPO. The IPO price band was set in the range of ₹200 to ₹210 per share with a face value of ₹10 each. SRM Contractors plans to raise ₹130.2 crore at the upper price band through the public issue.
The minimum application amount for retail investors was a single lot of 70 shares aggregating to an investment of ₹14,700.
SRM Contractors operates on an EPC (engineering, procurement and construction) and unit-price basis for infrastructure and subcontract infrastructure construction projects.
The company is engaged in the construction of roads, bridges and tunnels. Further, it is also involved in works related to slope stabilisation and other construction activities in Jammu & Kashmir, and Ladakh.
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