At a listing premium of 7%, SRM IPO investors earned as much

SRM Contractors, a diversified construction company, opened well in the stock market on Wednesday. After a spectacular response to the IPO, the shares were listed at a premium of 7 percent.

Listed at this price of Rs.

The IPO of SRM Contractors was opened on March 26. Investors can bid in the IPO till March 28. Subsequently, on April 1, shares were allotted to SRM Contractors. The shares of the company were deposited into the demat accounts of the successful investors on Tuesday. This was followed by the listing of shares on BSE and NSE this morning.

Investors get so much profit on each lot.

Shares of SRM Contractors were listed at Rs 225 on the BSE with a premium of 7 per cent. At the same time, it was listed on the NSE at a price of Rs 215.25 with a premium of 2.5 per cent.
If seen this way, the investors of this IPO have made huge money on the first day. Under the IPO, a multiple of 70 shares was fixed, while the price band was Rs 200 to Rs 210 per share. This means investors needed to invest Rs 14,700 for one lot. As per the post listing prices on BSE, the lot has been priced at Rs 15,750. This means investors have already earned Rs 1,050 per lot on the first day.

The IPO received an overwhelming response

The IPO size of SRM Contractors was Rs 130.20 crore. There was no offer for sale in the company’s IPO. This means that new equity issues of Rs.130.20 crore were made under the IPO. The IPO was subscribed the most in the NII category at 215 times, while in the QIB category it was subscribed 59.59 times and in the retail category 46.97 times. Thus the IPO was subscribed 86.57 times in total.

The company has orders worth thousands of crores of rupees.

SRM Contractors is active in the specialty engineering construction business. The company does construction work from roads to tunnels. As of December 2023, the company had orders worth Rs 1,200 crore. Founded in 2008, the promoters of this company are Sanjay Mehta, Ashley Mehta and Puneet Pal Singh.

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