SRM Contractors Limited IPO (SRM Contractors IPO) Detail

March 26, 2024 - March 28, 2024

SRM Contractors IPO is a book built issue of Rs 130.20 crores. The issue is entirely a fresh issue of 0.62 crore shares.

SRM Contractors IPO bidding started from March 26, 2024 and ended on March 28, 2024. The allotment for SRM Contractors IPO was finalized on Monday, April 1, 2024. The shares got listed on BSE, NSE on April 3, 2024.

SRM Contractors IPO price band is set at ₹200 to ₹210 per share. The minimum lot size for an application is 70 Shares. The minimum amount of investment required by retail investors is ₹14,700. The minimum lot size investment for sNII is 14 lots (980 shares), amounting to ₹205,800, and for bNII, it is 69 lots (4,830 shares), amounting to ₹1,014,300.

Interactive Financial Services Ltd is the book running lead manager of the SRM Contractors IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

Refer to SRM Contractors IPO RHP for detailed information.

SRM Contractors IPO Details

IPO Date	March 26, 2024 to March 28, 2024
Listing Date	April 3, 2024
Face Value	₹10 per share
Price Band	₹200 to ₹210 per share
Lot Size	70 Shares
Total Issue Size	6,200,000 shares (aggregating up to ₹130.20 Cr)
Fresh Issue	6,200,000 shares (aggregating up to ₹130.20 Cr)
Issue Type	Book Built Issue IPO
Listing At	BSE, NSE
Share holding pre issue	16,744,200
Share holding post issue	22,944,200

SRM Contractors IPO Reservation

SRM Contractors IPO offers 6,200,000 shares. 1,240,100 (20.00%) to QIB, 930,000 (15.00%) to NII, 2,170,000 (35.00%) to RII and 1,859,900 (30.00%) to Anchor investors. 31,000 RIIs will receive minimum 70 shares and 316 (sNII) and 632 (bNII) will receive minimum 980 shares. (in case of oversubscription)

Investor Category	Shares Offered	Maximum Allottees
Anchor Investor Shares Offered	1,859,900 (30.00%)	NA
QIB Shares Offered	1,240,100 (20.00%)	NA
NII (HNI) Shares Offered	930,000 (15.00%)
bNII > ₹10L	620,000 (10.00%)	632
sNII < ₹10L	310,000 (5.00%)	316
Retail Shares Offered	2,170,000 (35.00%)	31,000
Total Shares Offered	6,200,000 (100%)

SRM Contractors IPO Anchor Investors Details

SRM Contractors IPO raises Rs 39.06 crore from anchor investors. SRM Contractors IPO Anchor bid date is March 22, 2024. SRM Contractors IPO Anchor Investors list

Bid Date	March 22, 2024
Shares Offered	1,859,900
Anchor Portion Size (In Cr.)	39.06
Anchor lock-in period end date for 50% shares (30 Days)	May 1, 2024
Anchor lock-in period end date for remaining shares (90 Days)	June 30, 2024

SRM Contractors IPO Timeline (Tentative Schedule)

SRM Contractors IPO opens on March 26, 2024, and closes on March 28, 2024.

IPO Open Date	Tuesday, March 26, 2024
IPO Close Date	Thursday, March 28, 2024
Basis of Allotment	Monday, April 1, 2024
Initiation of Refunds	Tuesday, April 2, 2024
Credit of Shares to Demat	Tuesday, April 2, 2024
Listing Date	Wednesday, April 3, 2024
Cut-off time for UPI mandate confirmation	5 PM on March 28, 2024

SRM Contractors IPO Lot Size

Investors can bid for a minimum of 70 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

Application	Lots	Shares	Amount
Retail (Min)	1	70	₹14,700
Retail (Max)	13	910	₹191,100
S-HNI (Min)	14	980	₹205,800
S-HNI (Max)	68	4,760	₹999,600
B-HNI (Min)	69	4,830	₹1,014,300
Lot Size Calculator

SRM Contractors IPO Promoter Holding

Sanjay Mehta, Ashley Mehta, and Puneet Pal Singh are the company's promoters.

Share Holding Pre Issue	99.92%
Share Holding Post Issue	72.92%

About SRM Contractors Limited

Established in 2008, SRM Contractors Limited is a construction and development company primarily engaged in the construction of roads (including bridges), tunnels, slope stabilization works, and other construction activities in the Union Territories of Jammu and Kashmir and Ladakh.

The company operates as an EPC contractor and on a unit-price basis for infrastructure projects and subcontracts infrastructure construction projects.

The company has these major business verticals:

Road projects: planning and construction of realignment, widening, upgradation, restoration, and/or strengthening and improvement of roads, bridges, and highways and their maintenance in the Union Territories of Jammu and Kashmir and Ladakh.
Tunner projects: design and construction of new tunnels, cut-and-cover tunnels for avalanche and landslide protection and caverns; also includes expansion, upgradation, restoration and/or strengthening and improvement, including creation of niches/alterations in niches and stabilization of existing tunnels in the Union Territories of Jammu and Kashmir and Ladakh.
Slop stabilization works: planning and construction of reinforced embankment structures as part of slope stabilization work.
Other miscellaneous civil construction activities: construction of government housing and residential units, drainage work as well as irrigation and flood protection work.

As of March 2024, the company has completed 37 infrastructure construction projects with a total contract value of Rs. 77,088.00 lakhs including 31 road construction projects, 3 tunnel projects, 1 slope stabilization project, and 2 miscellaneous construction works. Out of the 37 projects 29 infrastructure construction projects, including sub-contracts, were undertaken by the company independently and 8 projects were undertaken through project-specific joint ventures.

As on January 31, 2024, the company employed 275 full-time employees, consisting of specialists and workers.

SRM Contractors Limited Financial Information (Restated Consolidated)

SRM Contractors Limited's revenue increased by 13.24% and profit after tax (PAT) rose by 6.71% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended	31 Dec 2023	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	168.87	137.36	120.22	112.47
Revenue	242.28	300.65	265.51	161.95
Profit After Tax	21.07	18.75	17.57	8.27
Net Worth	37.24	63.16	44.41	26.85
Reserves and Surplus	67.48	46.41	42.89	25.32
Total Borrowing	42.32	47.16	31.52	31.96
Amount in ₹ Crore

Key Performance Indicator

The market capitalization of SRM Contractors IPO is Rs 481.83 Cr.

KPI as of December 31, 2023.

KPI	Values
ROCE	29.43%
Debt/Equity	0.5
RoNW	25.02%
P/BV	4.17
PAT Margin (%)	8.98

Check SRM Contractors IPO Peer Comparison here.

	Pre IPO	Post IPO
EPS (Rs)	11.2	12.24
P/E (x)	18.76	17.15

Note:

The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of December 31, 2023 that is available in RHP.

Objects of the Issue (SRM Contractors IPO Objectives)

The company proposes to utilize the Net Proceeds from the Issue towards funding the following objects:

Funding capital expenditure requirements for the purchase of equipment/machinery;
Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company;
Funding the working capital requirements of the company;
Investment in Project Specific Joint Venture Projects; and
General Corporate Purpose.

SRM Contractors IPO Review (Apply)

[Dilip Davda] The company is engaged in specialized engineering construction business for roads, tunnels, slop stabilization etc. and has been reporting steady growth in its top and bottom lines. The company has orders worth Rs. 1199+ cr. on hand as of December 2023, indicating the prospects for the near term. Based on FY24 annualized earnings, the issue appears fully priced. However, except the Lead Managers poor track record, other parameters are in line. Investors may park funds for the medium to long term rewards. Read detail review...

SRM Contractors IPO Subscription Status (Bidding Detail)

The SRM Contractors IPO is subscribed 86.57 times on March 28, 2024 7:02:08 PM. The public issue subscribed 46.97 times in the retail category, 59.59 times in the QIB category, and 214.94 times in the NII category. Check Day by Day Subscription Details (Live Status)

Category	Subscription (times)
QIB	59.59
NII	214.94
bNII (bids above ₹10L)	220.57
sNII (bids below ₹10L)	203.67
Retail	46.97
Total	86.57

Total Application : 1,421,306 (45.85 times)

SRM Contractors IPO Prospectus

› SRM Contractors IPO DRHP
› SRM Contractors IPO RHP
› Anchor Investors in SRM Contractors IPO

SRM Contractors IPO Rating

4.1

Rating:

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SRM Contractors IPO Listing Details

Listing Date	April 3, 2024
BSE Script Code	544158
NSE Symbol	SRM
ISIN	INE0R6Z01013
Final Issue Price	₹210 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Open
Low
High
Last Trade

BSE
₹210.00
₹225.00
₹213.75
₹236.20
₹236.20

NSE
₹210.00
₹215.25
₹215.25
₹226.00
₹226.00

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SRM Contractors Limited Contact Details

SRM Contractors Limited
Sector 3,
Near BJP Head Office,
Trikuta Nagar, Jammu -180012
Phone: +91 84918 77114
Email: cs@srmcpl.com
Website: https://srmcpl.com/

SRM Contractors IPO Registrar

Bigshare Services Pvt Ltd

Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html

SRM Contractors IPO - Buy or Not

SRM Contractors IPO Recommendation Summary

Review By	Subscribe	Neutral	Avoid
Brokers	6	2	0
Members	0	0	0

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SRM Contractors IPO Lead Manager(s)

Interactive Financial Services Ltd (Past IPO Performance)

Lead Manager Reports

SRM Contractors IPO FAQs

SRM Contractors IPO is a main-board IPO of 6,200,000 equity shares of the face value of ₹10 aggregating up to ₹130.20 Crores. The issue is priced at ₹200 to ₹210 per share. The minimum order quantity is 70 Shares.

The IPO opens on March 26, 2024, and closes on March 28, 2024.

Bigshare Services Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Zerodha customers can apply online in SRM Contractors IPO using UPI as a payment gateway. Zerodha customers can apply in SRM Contractors IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in SRM Contractors IPO through Zerodha

Visit the Zerodha website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the 'SRM Contractors IPO' row and click the 'Bid' button.
Enter your UPI ID, Quantity, and Price.
‘Submit’ IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

The SRM Contractors IPO opens on March 26, 2024 and closes on March 28, 2024.

SRM Contractors IPO lot size is 70 Shares, and the minimum amount required is ₹14,700.

You can apply in SRM Contractors IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for SRM Contractors IPO will be done on Monday, April 1, 2024, and the allotted shares will be credited to your demat account by Tuesday, April 2, 2024. Check the SRM Contractors IPO allotment status.

The SRM Contractors IPO listing date is on April 3, 2024.

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