• Source:PTI
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SRM Contractors IPO:  The initial public offering (IPO) of SRM Contractors was subscribed 17.40 times on the second day of bidding on Wednesday. The Public Offering (IPO) received bids for 7,55,13,970 shares against 43,40,100 shares on offer, according to data available with the NSE.

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

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The IPO of fresh issue of up to 62,00,000 equity shares is in a price range of Rs 200-210 a share. SRM Contractors raised Rs 39 crore from anchor investors on Friday.

On Tuesday, the first day of bidding, the SRM Contractors' IPO received 3.56 times the subscription against its issue size.

According to its website, 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. The company was incorporated in September 2008. Interactive Financial Services is the manager of the offer. The IPO was opened for bidding on Tuesday i.e. March 26 and will be closed on March 28. 

(With PTI Input)

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