SRIT India IPO Subscribed 84% on Day 1 Driven by Strong Retail Bidding and Healthy Grey Market Premium

Bengaluru-headquartered digital solutions and IT systems integration firm SRIT India Limited opened its initial public offering (IPO) on September 28, garnering swift demand from individual investors within the initial hours of bidding. By the middle of Day 1, the public issue had been subscribed 84%, anchored primarily by enthusiastic bidding in the retail individual investor (RII) segment, which crossed full subscription.

The primary offering is scheduled to remain open for subscription until September 30.

Issue Breakdown and Offering Details

The initial share sale of SRIT India is an entirely fresh issue aggregating to ₹218.40 crore, comprising 1.68 crore equity shares with a face value of ₹5 each. The company has fixed a price band of ₹123 to ₹130 per share.

Key parameters of the public issue:

• Issue Size: ₹218.40 crore (100% fresh issue of 1.68 crore shares)
• Price Band: ₹123 to ₹130 per equity share
• Lot Size: 115 equity shares (requiring a minimum retail commitment of ₹14,950 at the upper price band)
• Lead Manager and Registrar: Choice Capital Advisors Private Limited is the book-running lead manager, while KFin Technologies Limited is handling share registry operations
• Listing Exchanges: BSE and NSE

Prior to opening the public bidding window, SRIT India mobilized ₹65.52 crore by allotting 50.40 lakh equity shares at the upper price ceiling of ₹130 each to nine anchor investors.

Subscription Trends and Grey Market Premium

Bidding patterns on Day 1 showed retail investors driving initial momentum, ensuring their designated quota was fully covered well before the close of trading hours. Meanwhile, non-institutional investors (HNIs) and qualified institutional buyers (QIBs) continued to submit applications at a measured pace, typical of three-day book-building processes where institutional demand typically peaks towards the final day.

In the unlisted market, sentiment remained upbeat. The grey market premium (GMP) for SRIT India traded at around ₹32 to ₹33 per share, pointing to potential listing gains of approximately 24% to 25% over the upper issue price of ₹130, implying an estimated unlisted debut price around ₹163 per share.

Financial Profile and Use of Proceeds

SRIT India operates in the Information Technology and IT-enabled Services (IT/ITeS) space, focusing on enterprise applications, digital governance systems, healthcare management suites, and systems integration across public and private sector clients.

The company's financial metrics reflect steady top-line and bottom-line expansion:

• FY26 Financials: Total revenue climbed to ₹462.54 crore, up from ₹400.50 crore in FY25.
• Net Profit: Profit after tax (PAT) rose to ₹43.29 crore in FY26 compared to ₹33.60 crore recorded in the preceding fiscal.

Out of the net proceeds, SRIT India has earmarked ₹12.86 crore towards the modernisation and redevelopment of its proprietary digital platforms and ₹124 crore to fund working capital requirements. The remaining funds are slated for inorganic acquisitions, strategic technology initiatives, and general corporate purposes.

The basis of allotment is tentatively scheduled for finalisation on October 1, followed by share credits to demat accounts and an expected listing on October 6.

Tags: SRIT India IPO BSE NSE Primary Market IT Services