SRM Contractors, a construction and development company, announced on Friday that it has successfully secured ₹39 crore from anchor investors in the anchor book round, a day before its initial public offering (IPO) is set to open for subscription.
As per the exchange filing, the company allocated 18,59,900 shares to three anchor investors at ₹210 per share.
In its filing, the company stated, “The Board of Directors of the Company at their meetings held on March 22, 2024, in consultation with the Book Running Lead Managers to the Issue, has finalized allocation of 18,59,900 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs. 210 PL Equity Share (including share premium of Rs. 200 per Equity Share).”
The anchor book round saw participation from Neomile Growth Fund – Series 1, Saint Capital Fund, and Astorne Capital VCC-Arven.
Details of SRM Contractors IPO
The SRM Contractors IPO comprises a fresh issue of up to 6,200,000 equity shares, totaling ₹130.20 crore, with no offer-for-sale component included.
The price range for the IPO has been set between ₹200 and ₹210 per equity share, with a face value of ₹10. Subscription for the issue will begin on Tuesday, March 26, and conclude on Thursday, March 28. Allocation to anchor investors for the SRM Contractors IPO took place on Friday, March 22.
During the public offering, a minimum of 15% of the shares is reserved for non-institutional investors (NII), up to 50% for qualified institutional buyers (QIB), and at least 35% for retail investors.
The IPO’s basis of allotment is tentatively scheduled for Monday, April 1st, with refund initiation set for Tuesday, April 2nd. Subsequently, shares will be credited to allottees’ demat accounts on the same day. The anticipated listing of SRM Contractors’ shares on both BSE and NSE is expected to take place on Wednesday, April 3rd.
Ashley Mehta, Puneet Pal Singh, and Sanjay Mehta are the promoters of SRM Contractors, which specializes in engineering construction and development, focusing primarily on projects in the Union Territories of Jammu & Kashmir and Ladakh, including highways, bridges, tunnels, and slope stabilization endeavors.
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