Business News | SRM Contractors Limited IPO Opens on March 26, 2024
Get latest articles and stories on Business at LatestLY. Mumbai (Maharashtra) [India], March 22: SRM Contractors Limited, a prominent Jammu & Kashmir based engineering construction and development company, has announced its plan to go public with an Initial Public Offering on March 26, 2024. The company is aiming to raise Rs 130 Crore on upper price band through this IPO, with shares set to be listed on the NSE & BSE platform.
PNN
Mumbai (Maharashtra) [India], March 22: SRM Contractors Limited, a prominent Jammu & Kashmir based engineering construction and development company, has announced its plan to go public with an Initial Public Offering on March 26, 2024. The company is aiming to raise Rs 130 Crore on upper price band through this IPO, with shares set to be listed on the NSE & BSE platform.
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The issue size is Up to 62,00 ,000 equity shares at face value of Rs 10 each.
Equity Share Allocation
* Qualified Institutional Buyers (QIB) - Up To 31,00,000Equity Shares (Including Anchor Portion - Up To 18,60,000 Equity Shares)
* Non-Institutional Investors (NII) - Up To 9,30,000 Equity Shares
* Retail Individual Investors (RII) - Up To 21,70,000 Equity Shares
The net proceeds from the IPO will be utilized to purchase capital equipment, meet working capital requirements, repayment and prepayment of certain outstanding secured borrowings, investment in joint Venture project and general corporate expenses. The bidding for the Anchor portion will open on March 22, 2024, and the issue will open on March26, 2024 and closes on March 28, 2024.
The Book Running Lead Manager to the Issue is Interactive Financial Services Limited. The Registrar to the Issue isBigshare Services Private Limited.
Sanjay Mehta, Managing Director of SRM Contractors Limited said, "I am delighted to announce SRM 's decision to go public through an IPO. With our extensive experience ofyears of operating in challenging geographical regions and a resilient order book, we are prepared to embark on this exciting journey and establish a formidable presence within the industry.
We believe that the funds raised through this IPO will play a crucial role in enhancing our equipment portfolio and investment in joint venture projects, thereby fortifying our position. Moreover, it will enable us to meet our working capital requirements more efficiently, further strengthening our operational capabilities. We perceive this as a significant chapter and are genuinely excited about it."
Mr. Mayur Parikh, Director of Interactive Financial Services Limited said, "We are pleased to be part of SRM Contractors Limited's IPO journey. The company's strong proficiency in executing projects in challenging terrain, and hilly regions, coupled with government initiatives aimed at infrastructure development, positions the company favorably to capitalize on emerging opportunities.
We extend our heartfelt best wishes to SRM Contractors Limited as they embark on this exciting endeavour. With a solid foundation and promising outlook, we are confident in the success of their IPO and look forward to a fruitful journey ahead.''
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