23 March 2024–Three anchor investors gave SRM Contractors Rs 39.06 crore on March 22, a day before the public issuance. Bidding for the IPO begins on March 26 and ends on March 28. Neomile Growth Fund Series The anchor book’s biggest institutional investor was me, buying 9.05 lakh equity shares worth Rs 19 crore.
Saint Capital Fund and Astorne Capital VCC-Arven both acquired 4.77 lakh equity shares worth Rs 10 crore. Jammu & Kashmir-based EPC contractor wants to raise Rs 130.20 crore by selling 62 lakh equity shares at the top price.
The IPO features a new issue component and no offer-for-sale part, with a price range of Rs 200-210 per share. The business would get all offering proceeds, Rs 31.5 crore for equipment/machinery and Rs 10 crore for debt repayment.
Conclusion
The business would utilize Rs 46 crore for operating capital, Rs 12 crore for project-specific joint venture investments, and the rest for general corporate purposes. SRM Contractors mainly build roads, bridges, tunnels, slope stabilization works, and other civil construction in Jammu & Kashmir and Ladakh.
