SRIT India IPO Oversubscribed Over 19 Times on Final Day as Grey Market Premium Signals 25% Listing Gain

The initial public offering (IPO) of IT consulting and services provider SRIT India Limited saw aggressive bidding on the third and final day of the issue, with total bids crossing 19 times the shares on offer by noon on Wednesday, September 30, 2026. The strong rush across investor segments follows a solid second day, where the issue had already garnered 4.16 times subscription.

In the unlisted market, investor sentiment remained buoyant. The grey market premium (GMP) for SRIT India climbed to Rs 33 per share, representing a surge of approximately 25.38% over the upper end of the price band.

Issue Details and Key Metrics

The public issue is a 100% fresh book-built offering valued at Rs 218.40 crore, comprising 1.68 crore equity shares with a face value of Rs 5 each. There is no offer-for-sale (OFS) component involved in the issue.

Key Parameters of the IPO:

• Price Band: Rs 123 to Rs 130 per equity share.
• Issue Size: Rs 218.40 crore (1.68 crore fresh equity shares).
• Minimum Lot Size: 115 shares.
• Minimum Retail Investment: Rs 14,950 at the upper price band.
• Lead Manager: Choice Capital Advisors Private Limited.
• Registrar: KFin Technologies Limited.

Bidding Trends Across Categories

Retail investors and Non-Institutional Investors (NIIs) led the subscription drive right from the opening days. On Day 2, the retail quota had already been subscribed 6.04 times against 58.80 lakh shares reserved, while the high-net-worth individual (NII) portion clocked 5.25 times subscription against 25.20 lakh shares. On Day 3, accelerated participation from institutional desks pushed the overall subscription beyond 19.33 times during the morning session.

The company plans to deploy the fresh capital predominantly toward working capital requirements, earmarked at Rs 124 crore, alongside Rs 12.86 crore for capital expenditures to modernize existing software solutions, with the remaining proceeds allocated to inorganic growth initiatives and general corporate purposes.

Estimated Listing Price and Timeline

At the current grey market premium of Rs 33, market watchers estimate the equity shares could list around Rs 163 apiece on the domestic bourses, compared to the upper price band of Rs 130. However, grey market premiums are unofficial and subject to secondary market volatility before listing.

Key Post-Issue Dates:

• Basis of Allotment: October 1, 2026.
• Initiation of Refunds and Credit of Shares: October 5, 2026.
• Tentative Listing Date: October 6, 2026, on BSE and NSE.

Incorporated in 1999, Bengaluru-based SRIT India specializes in digital transformation, system integration, and software solutions, catering heavily to e-governance, telecommunications, and healthcare sectors. The company reported a net profit of Rs 29.86 crore on revenues of Rs 363.45 crore for the fiscal year ended March 2025.

Tags: SRIT India BSE NSE SEBI Information Technology