SRM Contractors IPO allotment status: Check application, latest GMP and listing date

SRM Contractors is scheduled to finalize the basis of allotment of its shares most likely on Monday, April 1. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the extended weekend or by Tuesday. The infraconstruction player had received a strong response from the investors during the bidding process.

Jammu-based SRM Contractors sold its IPO in the price band of Rs 200-210 per share with a lot size of 70 shares, which was open for bidding between March 26 and March 28. The company aimed to raise around Rs 130.20 crore from its primary offering, which was entirely a fresh share sale of 62 lakh equity shares.

The issue was overall subscribed a solid 86.57 times, thanks to strong bidding from non-institutional bidders (NIIs), whose allocation was booked a whopping 214.94 times. The quota for qualified institutional investors (QIBs) was subscribed 46.97 times, and the portion of retail investors was subscribed 59.59 times during the bidding process.

Grey market premium (GMP) of SRM Contractors has seen a sharp rise, thanks to a strong bidding for the small issue. Last heard, the company was commanding a premium of Rs 125 per share in the unofficial market, suggesting a listing pop of 60 per cent for the investors. However, the premium stood at Rs 70 apiece, before the bidding commenced.

SRM Contractors is a construction and development company primarily engaged in the construction of roads (including bridges), tunnels, slope stabilization works, and other construction activities in Jammu & Kashmir (J&K) and Ladakh. It operates as an EPC contractor and on a unit-price basis for infrastructure projects and subcontracts infrastructure construction projects.

Brokerage firms, tracking the issue, are mostly positive on it. They suggest subscribing to the issue on the back of strong hold in the area of operations, rising capital allocation in the region and sound financial track record. However, operational efficiency and dependence on select customers is seen as a challenge for the company.

Interactive Financial Services is the sole book running lead manager of the SRM Contractors IPO, while Bigshare Services is the registrar for the issue. The company is likely to be listed on both BSE and NSE with Wednesday, April 3 as the tentative date of listing on the bourses.

Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select SRM Contractors Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit

Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

1) Go to the web portal of Bigshare Services Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.
4) Enter the details of the mode you selected in Step 2
5) For security purposes, fill the captcha accurately
6) Hit Search to know your allotment status.


Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.