SRM Contractors IPO is a book built issue of Rs 130.20 crores. The issue is entirely a fresh issue of 0.62 crore shares.
SRM Contractors IPO opens for subscription on March 26, 2024 and closes on March 28, 2024. The allotment for the SRM Contractors IPO is expected to be finalized on Monday, April 1, 2024. SRM Contractors IPO will list on BSE, NSE with tentative listing date fixed as Wednesday, April 3, 2024.
SRM Contractors IPO price band is set at ₹200 to ₹210 per share. The minimum lot size for an application is 70 Shares. The minimum amount of investment required by retail investors is ₹14,700. The minimum lot size investment for sNII is 14 lots (980 shares), amounting to ₹205,800, and for bNII, it is 69 lots (4,830 shares), amounting to ₹1,014,300.
Interactive Financial Services Ltd is the book running lead manager of the SRM Contractors IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.
Refer to SRM Contractors IPO DRHP for detailed information.
SRM Contractors IPO Details
| IPO Date | March 26, 2024 to March 28, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹200 to ₹210 per share |
| Lot Size | 70 Shares |
| Total Issue Size | 6,200,000 shares (aggregating up to ₹130.20 Cr) |
| Fresh Issue | 6,200,000 shares (aggregating up to ₹130.20 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 16,744,200 |
| Share holding post issue | 22,944,200 |
SRM Contractors IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
SRM Contractors IPO Timeline (Tentative Schedule)
SRM Contractors IPO opens on March 26, 2024, and closes on March 28, 2024.
| IPO Open Date | Tuesday, March 26, 2024 |
| IPO Close Date | Thursday, March 28, 2024 |
| Basis of Allotment | Monday, April 1, 2024 |
| Initiation of Refunds | Tuesday, April 2, 2024 |
| Credit of Shares to Demat | Tuesday, April 2, 2024 |
| Listing Date | Wednesday, April 3, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on March 28, 2024 |
SRM Contractors IPO Lot Size
Investors can bid for a minimum of 70 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 70 | ₹14,700 |
| Retail (Max) | 13 | 910 | ₹191,100 |
| S-HNI (Min) | 14 | 980 | ₹205,800 |
| S-HNI (Max) | 68 | 4,760 | ₹999,600 |
| B-HNI (Min) | 69 | 4,830 | ₹1,014,300 |
| Lot Size Calculator | |||
SRM Contractors IPO Promoter Holding
Sanjay Mehta, Ashley Mehta, and Puneet Pal Singh are the company’s promoters.
| Share Holding Pre Issue | 99.92% |
| Share Holding Post Issue |
About SRM Contractors Limited
Established in 2008, SRM Contractors Limited is a construction and development company primarily engaged in the construction of roads (including bridges), tunnels, slope stabilization works, and other construction activities in the Union Territories of Jammu and Kashmir and Ladakh.
The company operates as an EPC contractor and on a unit-price basis for infrastructure projects and subcontracts infrastructure construction projects.
The company has these major business verticals:
- Road projects: planning and construction of realignment, widening, upgradation, restoration, and/or strengthening and improvement of roads, bridges, and highways and their maintenance in the Union Territories of Jammu and Kashmir and Ladakh.
- Tunner projects: design and construction of new tunnels, cut-and-cover tunnels for avalanche and landslide protection and caverns; also includes expansion, upgradation, restoration and/or strengthening and improvement, including creation of niches/alterations in niches and stabilization of existing tunnels in the Union Territories of Jammu and Kashmir and Ladakh.
- Slop stabilization works: planning and construction of reinforced embankment structures as part of slope stabilization work.
- Other miscellaneous civil construction activities: construction of government housing and residential units, drainage work as well as irrigation and flood protection work.
As of March 2024, the company has completed 37 infrastructure construction projects with a total contract value of Rs. 77,088.00 lakhs including 31 road construction projects, 3 tunnel projects, 1 slope stabilization project, and 2 miscellaneous construction works. Out of the 37 projects 29 infrastructure construction projects, including sub-contracts, were undertaken by the company independently and 8 projects were undertaken through project-specific joint ventures.
As on September 15, 2023, the company employed 293 full-time employees, consisting of specialists and workers.
SRM Contractors Limited Financial Information (Restated)
SRM Contractors Limited’s revenue increased by 13.24% and profit after tax (PAT) rose by 6.71% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 1,373.62 | 1,202.16 | 1,124.70 |
| Revenue | 3,006.51 | 2,655.09 | 1,619.47 |
| Profit After Tax | 187.46 | 175.68 | 82.73 |
| Net Worth | 631.61 | 444.15 | 268.47 |
| Reserves and Surplus | 464.12 | 428.88 | 253.20 |
| Total Borrowing | 471.58 | 315.24 | 319.58 |
| Amount in ₹ Crore | |||
Key Performance Indicator
The market capitalization of SRM Contractors IPO is Rs 481.83 Cr.
KPI as of March 31, 2023.
| KPI | Values |
|---|---|
| ROCE | 35.04% |
| Debt/Equity | 0.75 |
| RoNW | 29.68% |
| P/BV | 5.57 |
| PAT Margin (%) | 6.24 |
Check SRM Contractors IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 111.96 | 81.7 |
| P/E (x) | 1.88 | 2.57 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2023 that is available in RHP.
Objects of the Issue (SRM Contractors IPO Objectives)
The company proposes to utilize the Net Proceeds from the Issue towards funding the following objects:
- Funding capital expenditure requirements for the purchase of equipment/machinery;
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company;
- Funding the working capital requirements of the company;
- Investment in Project Specific Joint Venture Projects; and
- General Corporate Purpose.
SRM Contractors Limited Contact Details
SRM Contractors Limited
Sector 3,
Near BJP Head Office,
Trikuta Nagar, Jammu -180012
Phone: +91 84918 77114
Email: cs@srmcpl.com
Website: https://srmcpl.com/
SRM Contractors IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html