SRM Contractors Listing Share Price NSE BSE: Shares of SRM Contractors got listed at Rs 215.25 on the NSE, a premium of 2.50 per cent, to the issue price of Rs 210. On BSE, the shares were listed at Rs 225, a premium of 7.14 per cent.

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In the pre-opening session, shares of SRM Contractors settled at Rs 215.25 on NSE, a premium of 2.50 per cent to the issue price of Rs 210. While on BSE, it settled at Rs 225, a premium of 7.14 per cent to the issue price of Rs 210. 

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd., said in her post-listing view of SRM Contractors, "SRM Contractors Limited, the Jammu & Kashmir and Ladakh-focused construction company, witnessed a flat debut on the stock market. The listing price of Rs. 215 per share translates to a modest 2.5% gain over its issue price of Rs. 210. This performance falls significantly short of pre-listing expectations and the high grey market premium (GMP) of Rs. 90 (42% premium) observed earlier. The strong overall subscription of 86.57 times also adds to the surprise of the flat listing."

She further said, "Despite the strong subscription, some investors might have found the valuation at listing less attractive. Besides, broader market conditions might have impacted investor sentiment and tempered listing gains.

"SRM Contractors' flat listing, while not what pre-listing indicators suggested, doesn't necessarily negate its future potential. The company's strong regional presence, in-house capabilities, and healthy order book remain positive points. However, a cautious approach is advisable," the expert added. 

SRM Contractors IPO details

Earlier, the SRM Contractors IPO got subscribed 86.57 times on the last day of bidding on March 28. 

The public issue was subscribed 46.97 times in the retail category, 59.59 times in QIB, and 214.94 times in the NII category by March 28, 2024 (Day 3). 

The price band of the share was Rs 200 to Rs 210. While the lot size of the book-built issue IPO was 70, the total issue size was 6,200,000 shares (aggregating up to Rs 130.20 crore). 

What does SRM Contractors do?

On its official website, SRM Contractors says that it is an engineering construction and development company engaged primarily in the construction of roads (including bridges), tunnels, slope stabilisation works, and other miscellaneous civil construction activities in the union territories of Jammu & Kashmir and Ladakh.

It undertakes construction work both as an EPC contractor and on an item-rate basis for infrastructure projects.

The company was incorporated in September 2008, and it has gradually increased its execution capabilities in terms of the size of projects that it is now bidding for and executing.