SRM Contractors IPO subscription Updates: The initial public offering of SRM Contractors received an overwhelming response on the very first day of its bidding. The company's issues were oversubscribed within hours after opening. Retail investors and non-institutional investors (NIIs) showed strong interest as their reserve quota was fully booked within hours.

According to NSE data till 4:36 PM, the public issue was subscribed to 2.04 times. The quota reserved for Qualified Institutional Buyers (QIBs) was subscribed 1.57 times. Non-Institutionlas Investors bid 2.81 times against their reserve allotment. Retail portions were subscribed 1.98 times.

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SRM Contractors IPO Details

SRM Contractors IPO is the only mainboard IPO open for subscription this week. The issue will close on Thursday 28 March. The price band of SRM Contractors IPO has been fixed between Rs 200 to Rs 210. It has kept reserves at a minimum of 15% for NII, a maximum of 50% for QIBs, and less than 35% for retail investors. Bidding can be done for multiples of 70 shares, with a minimum bid of 70 (SRM Contractors IPO lot size).

What does 'SRM Contractors' Do?

SRM Contractors, an engineering firm operating in the Union Territory of Jammu & Kashmir and Ladakh, focuses on a variety of civil construction projects. This includes under-construction roads, bridges, tunnels, slope stabilization projects, and other small-scale projects.

Ashley Mehta, Puneet Pal Singh, and Sanjay Mehta are the promoters of SRM Contractors.

SRM Contractors IPO GMP?

As per InvestorGain.com, SRM IPO GMP is at a premium of 82 today i.e. Tuesday. That means its estimated listing price can be Rs 292, which means it can give a profit of about 40% on listing.

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