Updated March 27th, 2024 at 18:51 IST

SRM Contractors IPO subscribed 17.40 times on day two of bidding

SRM Contractors' IPO, offering a fresh issue of up to 62,00,000 equity shares, is priced in the range of Rs 200-210 per share.

Reported by: Business Desk
IPOs this week | Image:Freepik
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SRM Contractors IPO: The initial public offering (IPO) of SRM Contractors witnessed robust investor interest, with subscription reaching 17.40 times on the second day of bidding, data from stock exchanges showed.

According to data available with the National Stock Exchange (NSE), the IPO garnered bids for 7,55,13,970 shares against the 43,40,100 shares offered. Non-institutional investors showed significant enthusiasm, subscribing 45.49 times, while Retail Individual Investors (RIIs) subscribed 13.93 times. Qualified Institutional Buyers (QIBs) also demonstrated interest, with a subscription rate of 2.41 times.

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SRM Contractors' IPO, offering a fresh issue of up to 62,00,000 equity shares, is priced in the range of Rs 200-210 per share. The company had previously raised Rs 39 crore from anchor investors on Friday.

The firm, specialising in engineering construction and development, focuses on projects such as roads (including bridges), tunnels, slope stabilization works, and other civil construction activities primarily in the Union Territories of Jammu & Kashmir and Ladakh.

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Established in September 2008, SRM Contractors has gained recognition for its expertise in executing infrastructure projects.

Interactive Financial Services serves as the manager to the offer, facilitating the IPO process.

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(With PTI inputs)
 

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Published March 27th, 2024 at 18:51 IST