Jammu and Kashmir-headquartered company SRM Contracts has been listed on NSE at Rs 215.25 per share, a premium of 2.5 per cent against the issue price of Rs 210. At the same time, shares of SRM Contracts on BSE were quoted at Rs 225 per share with a premium of 7.14 percent.
Let us tell you, the listing of SRM contracts has been much weaker than expected. In the gray market, the GMP of its IPO was trending at Rs 95 i.e. about 45 percent premium, due to which the listing of SRM contracts was considered strong on NSE and BSE.
bounce after listing
Shares of SRM Contracts saw a surge after listing on NSE and BSE. At the time of writing, the stock was trading at Rs 226 per share on NSE, up Rs 16 or 7.62 per cent. Shares of SRM Contracts were trading at Rs 236.20 per share, up 12.48 per cent or Rs 26.20 on the BSE.
IPO got bumper response
The IPO of SRM Contracts received a bumper response from the stock market. Its IPO was subscribed 86.57 times. The size of its public issue was Rs 130 crore. The price band of SRM contracts was Rs 200 to Rs 210 per share.
SRM contracts trading
SRM Contracts is an infra company. It does many projects related to roads, tunnels and infra. The order book of the company is Rs 1,199.32 crore. There has been an increase of 177 percent between the financial year 2021 and 2023. The reason for the good response to the company’s IPO is believed to be the government’s approach towards Jammu and Kashmir. Where many new infra projects can be launched, which will directly benefit this company.
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