SRM Contractors was incorporated on September 4, 2008. The company operates as an engineering construction and development firm, primarily focusing on road construction, tunnel development, slope stabilization works, and various other civil construction projects in the Union Territories of Jammu & Kashmir and Ladakh. It undertakes construction projects both as an Engineering, Procurement, and Construction (EPC) contractor and on an item rate basis for various infrastructure projects.
| Bidding Dates |
|---|
| 26 Mar 2024 - 28 Mar 2024 |
| Subscription |
|---|
| 86.57x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,000 | 1 | 13 | 70 | 6.2 M | ₹200 - ₹210 | 72.92 % | ₹1240.0 M - ₹1302.0 M | RHP DOC |
SRM Contractors IPO SUBSCRIPTION STATUS
28 Mar '24SRM Contractors IPO overall subscription rate was 86.57 times the total available shares
SRM Contractors IPO retail subscription rate was 46.97 times in the retail segment
SRM Contractors IPO non-institutional investor subscription rate was 214.94 times in the non-institutional investor category
SRM Contractors IPO Qualified Institutional Bidder subscription rate was 59.59 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
28 Mar 2024 (Day 3) | 46.97x | 214.94x | 59.59x |
27 Mar 2024 (Day 2) | 13.95x | 45.51x | 2.41x |
26 Mar 2024 (Day 1) | 3.55x | 6.26x | 1.57x |
SRM Contractors FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| 9MFY24 | 210.7 | 2,345.5 | 218.8 | 175.4 | 15.9% |
| FY23 | 187.5 | 3,002.9 | 130.5 | -48.6 | 12.9% |
| FY22 | 175.7 | 2,636.1 | 97.3 | 41.9 | 12.1% |
| FY21 | 82.7 | 1,600.6 | 141.9 | 31.9 | 11.5% |
SRM Contractors IPO SUBSCRIPTION STATUS DETAILS
SRM Contractors had 6.2 M shares on offer
SRM Contractors IPO offer price was in the range ₹200 - ₹210
SRM Contractors IPO minimum Investment was ₹14000
SRM Contractors IPO issue size was ₹ 1240.0 M - ₹ 1302.0 M
SRM Contractors had a minimum lot size of 70 Shares per application
SRM Contractors NUMBER OF SHARES ON OFFER
SRM Contractors IPO IMPORTANT DATES
| Issue Open Date | 26 Mar 2024 |
| Issue close Date | 28 Mar 2024 |
| Allotment Date | 01 Apr 2024 |
| Refund Date | 02 Apr 2024 |
| Demat Account Credit Date | 02 Apr 2024 |
| Listing Date | 03 Apr 2024 |
| Listing on Exchange(s) | NSE and BSE |
| SRM Contractors Allotment Status | Exchange |
SRM Contractors IPO subscription opened on 26 Mar 2024, and closed on 28 Mar 2024
IPO allotment for SRM Contractors was finalized on Monday, 01 Apr 2024
IPO listing for SRM Contractors was on NSE and BSE on Wednesday, 03 Apr 2024
SRM Contractors IPO LISTING GAINS
| Issue Price (adjusted) | 210.0 |
| Listing Open Price | 215.3 |
| Listing Close Price | 226.0 |
| Listing Gain% | 2.5% |
| Current Gain% | 144.2% |
SRM Contractors Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SRM Contractors Ltd. | 512.8 | 1176.6 | 10.6 | 0.1 | 1.1 | 29.9 | 11.2 | 1034.3 | 90.8 | 111 | 101.9 | 48.4 | 101.2 |
| Larsen & Toubro Ltd. | 4037.4 | 568026.8 | 34.2 | 7.5 | 2 | 14.7 | 3.6 | 291635 | 12.2 | 16084 | 7 | 117.9 | 4.5 |
| GMR Airports Ltd. | 105.1 | 110985.4 | 632.4 | 4.4 | 7.5 | -7.1 | 0.3 | 15200.8 | 40.3 | 175.5 | 144.7 | 0.2 | 144.7 |
| Rail Vikas Nigam Ltd. | 230 | 47955.5 | 53.3 | -2.2 | 2.3 | 8.9 | 4 | 21187.4 | 1.3 | 874.7 | -31.7 | 4.3 | -24.5 |
| NBCC (India) Ltd. | 93.8 | 25326 | 34.1 | 1.1 | 2 | 23.9 | 4.4 | 13195.9 | 7.5 | 720 | 33.1 | 2.8 | 30.6 |
| Kalpataru Projects International Ltd. | 1347.7 | 23015 | 20.3 | 0.3 | 0.8 | 13.4 | 3.8 | 27247.9 | 21.8 | 1040 | 77.6 | 66.5 | 60.9 |
SRM Contractors INFORMATION ON IPO ISSUE
About SRM Contractors
SRM Contractors was incorporated on September 4, 2008. The company operates as an engineering construction and development firm, primarily focusing on road construction, tunnel development, slope stabilization works, and various other civil construction projects in the Union Territories of Jammu & Kashmir and Ladakh. It undertakes construction projects both as an Engineering, Procurement, and Construction (EPC) contractor and on an item rate basis for various infrastructure projects.
Object of the Issue
- Funding capital expenditure needs for equipment/machinery acquisition.
- Full or partial repayment and/or prepayment of specific outstanding secured borrowings.
- Financing the company's working capital needs.
- Investing in joint venture projects specific to certain projects.
- Allocations for general corporate purposes.
SRM Contractors - PROMOTERS
| Name |
|---|
| Sanjay Mehta |
| Ashley Mehta |
| Puneet Pal Singh |
SRM Contractors Lead Manager of the Issue
Interactive Financial Services
mbd@ifinservices.in
SRM Contractors Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
SRM Contractors Strengths
Proven track record
The company has a proven track record of efficiently executing road, tunnel, and slope stabilization projects in the challenging terrain of the Union Territory of Jammu and Kashmir
Efficient business model
The company employs an efficient business model focused on selecting and clustering projects within the Union Territories of Jammu & Kashmir and Ladakh
Strong financial performance
The significant growth of the company's business over the last three financial years has greatly enhanced its financial strength. In FY23, it achieved revenue from operations of Rs 300.3 crore, reflecting a robust year-on-year growth of 13.9%
SRM Contractors Risks
Concentrated business
The company's business operations are concentrated in the Union Territories of Jammu & Kashmir and Ladakh, exposing it to risks associated with economic, regulatory, and other changes specific to these regions
Dependent on limited clients
The company relies heavily on a small number of clients for a significant portion of its revenues. The potential loss of any major clients could negatively impact its business operations
Litigation proceedings
The company, its promoters, directors, and joint ventures are currently involved in litigation proceedings that could potentially have a material adverse outcome
IPO FAQs
The promoters of the company are Sanjay Mehta, Ashley Mehta and Puneet Pal Singh.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 200.0 - 210.0.
The IPO application opens on Mar 26, 2024 and closes on Mar 28, 2024.
The minimum lot size for the IPO is 70. The maximum lot size for the IPO is 910.
For all category investors, the minimum application amount for this IPO is Rs. 14,000.0, the maximum value for this IPO is Rs 191,100.0.
This IPO will be allotted on Apr 01, 2024.
The refund will be credited to your account on Apr 02, 2024.
The allotted shares will be credited to your demat on Apr 02, 2024.
SRM Contractors Ltd.’s shares listed on the stock exchanges on Apr 03, 2024.