Last chance to invest money in SRM Contractors Limited IPO
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SRM Contractors Limited IPO: Today is the last day to invest money in the IPO of SRM Contractors, a company specializing in construction in the difficult areas of Jammu and Kashmir and Ladakh of India. Earlier, on the second day of bidding, the company’s IPO was subscribed 17.40 times. According to data available with NSE, the company received bids for 7,55,13,970 shares on offer of 43,40,100 shares. The non-institutional investors category was subscribed 45.49 times, while the retail individual investors (RIIs) segment was subscribed 13.93 times and the qualified institutional buyers (QIBs) segment was subscribed 2.41 times. 62,00,000 new shares have been issued by the company under the IPO. Before this, the company has raised Rs 39 crore from anchor investors.
What are the details of IPO?
The company is trying to raise Rs 130.20 crore from the market. SRM Contractors has experience of working on highways, bridges, tunnels, slope stabilization projects. It was established in the year 2008. Interactive Financial Services Ltd is the book running lead manager of SRM Contractors IPO, while BigShare Services Pvt Ltd is the registrar to the issue. The company is going to purchase building material and machinery with the money deposited through IPO. Along with this, some money will also be used to repay the loan. It will also be used for increasing working capital and general corporate purposes.
Also Read: TAC Infosec’s IPO will open on March 27, know price band and GMP details
What is the price band?
SRM Contractors has fixed the price band of the IPO at Rs 200-210 per share.
What is the grey-market price?
GMP on shares of RM Contractors IPO was Rs 115 at 6 am on March 28. With a price band of Rs 210.00, the estimated listing price of SRM Contractors IPO is ₹325 (cap price + today’s GMP).
How much will have to be invested
Investors applying for IPO will have to bid for at least one lot. There will be 70 shares in one lot. This means that at least Rs 14,700 will have to be invested.
When will the listing happen?
The allotment of shares of the company is going to happen on 1st April. Whereas, the listing is likely to happen on BSE and NSE on April 3.
,Disclaimer: Investing in stock market or IPO is subject to market risk. Before investing in any share, get complete information from a good financial advisor. We are not encouraging investment in any company.,
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