SRM Contractors Shares End At 12% Premium Over IPO Price
On the NSE, the scrip ended at Rs 226, a premium of 7.6%.
SRM Contractors Ltd. shares ended at Rs 236.20 apiece on the BSE, a premium of 12.4% over its IPO price of Rs 210 per share.
On the National Stock Exchange, the scrip ended at Rs 226, a premium of 7.6%.
SRM Contractors listed on the BSE at Rs 225 apiece, and at Rs 215.2 apiece on the National Stock Exchange.
The 130.2-crore initial public offering was fully subscribed hours after it opened for subscription. The issue was subscribed 86.57 times on its third and final day. Bids were led by institutional investors (59.59 times), retail investors (46.97 times), and non-institutional investors (214.94 times).
The public offer comprised entirely a fresh issue of up to 62 lakh equity shares with a price band of Rs 200-210 per share.
Proceeds of the issue will be used to purchase machinery, support working capital requirements, invest in joint-venture projects, pay debt and for general corporate purposes.
Business
SRM Contractors is an engineering construction and development company engaged primarily in the construction of roads, including bridges, tunnels, slope stabilisation works and other miscellaneous civil construction activities in Jammu & Kashmir and Ladakh.
The company undertakes construction works both as an EPC contractor and on an item-rate basis for infrastructure projects. The company also undertakes sub-contracting assignments of infrastructure construction projects.