SRM Contractors IPO: Company raises ₹39 crore from anchor investors ahead of IPO
Construction and development company SRM Contractors, said on Friday that it has garnered ₹39 crore in the anchor book round a day before its initial public offerings (IPO) opens for subscription.
According to the exchange filing, the company has allocated 18,59,900 shares to three anchor investors at ₹210 per share.
Also read: SRM Contractors IPO: Price band set at ₹200-210 apiece, check issue details, key dates, more
“The Board of Directors of the Company at their meetings held on March 22, 2024, in consultation with the Book Running Lead Managers to the Issue, has finalized allocation of 18,59,900 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs. 210 PL Equity Share (including share premium of Rs. 200 per Equity Share),” the company said in the filing.
Neomile Growth Fund – Series 1, Saint Capital Fund and Astorne Capital VCC-Arven were the participants in the anchor book round.
SRM Contractors IPO details
The SRM Contractors IPO comprises a fresh issue of up to 6,200,000 equity shares, totaling ₹130.20 crore, with no offer-for-sale component included.
The price range for SRM Contractors’ IPO has been fixed between ₹200 and ₹210 per equity share with a face value of ₹10. The subscription for the issue will commence on Tuesday, March 26, and conclude on Thursday, March 28. Allocation to anchor investors for the SRM Contractors IPO is slated for Friday, March 22.
During the public offering, a minimum of 15% of the shares is allocated for non-institutional investors (NII), up to 50% for qualified institutional buyers (QIB), and at least 35% for retail investors.
SRM Contractors’ IPO basis of allotment is tentatively slated for Monday, April 1st, with refund initiation scheduled for Tuesday, April 2nd. Following the refund process, shares will be credited to allottees’ demat accounts on the same day. The anticipated listing of SRM Contractors’ share price on both BSE and NSE is expected to occur on Wednesday, April 3rd.
Also read: Aluwind Architectural IPO announces price band at ₹45 apiece; issue to open on March 28
Ashley Mehta, Puneet Pal Singh, and Sanjay Mehta are the promoters of the company.
Specializing in engineering construction and development, the company primarily focuses on constructing highways (including bridges), tunnels, slope stabilization projects, and various civil construction endeavors in the Union Territories of Jammu & Kashmir and Ladakh.
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Published: 22 Mar 2024, 09:51 PM IST
