Business

SRM Contractors IPO gets subscribed 46 times on last day; Here’s all you need to know

SRM Contractors closed its subscription on March 28 and got biddings almost 46 times its offer. The company opened its bidding to retail investors on March 26 to raise Rs 130.20 crore from investors. It set the price band between Rs 200 and Rs 210 per equity share. 

The construction company offered more than 6 million fresh shares at a face value of Rs 10 per share. The allotment will be finalised on April 1, followed by the refund on April 1. The shares of the company are expected to debut on April 3. The company will list on both the bourses – NSE and BSE.

A retail bidder had to apply for a minimum of 70 shares, valued at Rs 14,700. 

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According to the company, the raised funds will be used to purchase equipment and machinery, payment of borrowings, working capital, investment in joint ventures, and other general purposes. 

The company has an experience of fifteen years in the construction of roads and tunnels and is based out of Union Territories of Jammu & Kashmir and Ladakh.

Interactive Financial Services worked as the book-running lead manager to the issue of SRM Contractors, while Bigshare Services as the registrar.

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