SRM Contractors IPO
SRM Contractors Limited (SRM) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 03 April 2024.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +36.4% (likely range +26% to +69%), day's high +50.5%, chance of a gain 97%. Actual: +2.5% at the open, +7.6% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 12,40,100 | 7,39,02,710 | 59.6x | |
| NII (HNI) total | 9,30,000 | 19,98,89,690 | 215x | |
| Big NII (above ₹10 lakh) | 6,20,000 | 13,67,51,650 | 221x | |
| Small NII (₹2-10 lakh) | 3,10,000 | 6,31,38,040 | 204x | |
| Retail | 21,70,000 | 10,19,17,130 | 47.0x | |
| Total | 43,40,100 | 37,57,09,530 | 86.6x |
Bids on NSE and BSE together, as published by NSE, as of 28 Mar 2024, 07:00 PM. Shares offered exclude the anchor portion. 23% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to SRM Contractors's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Nova AgritechJan 2024 | 79.3x | 224x | 77.1x | 109x | ₹148 Cr | +34.1% | +40.9% |
| CSB BankNov 2019 | 62.2x | 165x | 44.5x | 86.9x | ₹410 Cr | +41.0% | +57.3% |
| Sigachi IndustriesNov 2021 | 86.5x | 172x | 80.5x | 102x | ₹125 Cr | +249.7% | +267.2% |
| Ratnaveer Precision EngineeringSep 2023 | 133x | 135x | 54.0x | 94.0x | ₹165 Cr | +25.7% | +32.0% |
| Quess CorpJul 2016 | 59.0x | 392x | 34.1x | 144x | ₹411 Cr | +57.7% | +60.7% |
| Platinum IndustriesFeb 2024 | 151x | 142x | 51.0x | 99.0x | ₹235 Cr | +31.6% | +38.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Interactive Financial Services | 3 | -10.3% | 67% |
Offer documents (NSE)
Frequently asked
What is the SRM Contractors IPO price band and lot size? ₹200–210 per share, with a lot of 70 shares, so the smallest retail bid is ₹14,700.
How many times has it been subscribed? 86.6x overall: QIB 59.6x, NII 215x, retail 47.0x.
How did it list? It opened at ₹215, +2.5% against the issue price of ₹210, and closed its first day +7.6%.
