Latest News | SRM Contractors IPO Subscribed 17.40 Times on Day Two of Bidding

New Delhi, Mar 27 (PTI) The initial public offer of SRM Contractors got subscribed 17.40 times on the second day of bidding on Wednesday.

The Initial Public Offer (IPO) received bids for 7,55,13,970 shares against 43,40,100 shares on offer, according to data available with the NSE.

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The quota for non-institutional investors received 45.49 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 13.93 times. The category for Qualified Institutional Buyers (QIBs) fetched 2.41 times subscription.

The IPO of fresh issue of up to 62,00,000 equity shares is in a price range of Rs 200-210 a share.

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SRM Contractors mopped up Rs 39 crore from anchor investors on Friday.

The SRM Contractors' IPO received 3.56 times subscription on the first day of bidding on Tuesday.

The firm is an engineering construction and development company engaged primarily in the construction of roads (including bridges), tunnels, slope stabilization works and other miscellaneous civil construction activities in the Union Territories of Jammu & Kashmir and Ladakh, as per its website.

The company was incorporated in September 2008.

Interactive Financial Services is the manager to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)