SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

The initial public offer of SRM Contractors got subscribed 86.57 times on the last day of bidding on Thursday.

The Rs 130.20 crore IPO received bids for 37,57,05,680 shares against 43,40,100 shares on offer, as per NSE data.

The quota for non-institutional investors received 214.93 times subscription while the portion meant for Qualified Institutional Buyers (QIBs) got subscribed 59.59 times. The category for Retail Individual Investors (RIIs) fetched 46.97 times subscription.

The Initial Public Offer (IPO) of fresh issue of up to 62,00,000 equity shares had a price range of Rs 200-210 a share.

SRM Contractors mopped up Rs 39 crore from anchor investors on Friday.

The company's IPO received 3.56 times subscription on the first day of bidding on Tuesday.

It 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, as per its website.

The company was incorporated in September 2008.

Interactive Financial Services is the manager to the offer.