The initial public offer of SRIT India is set to open today, September 28. The offer will close on Wednesday, September 30. SRIT India’s aims to raise Rs 218.4 crores through its public offer, which is solely a fresh issue of 1.68 crore shares.
The company raised Rs 65.52 crore from anchor investors ahead of its opening, allotting 50.4 lakh shares at Rs 130 apiece. SRIT India’s price band was set at Rs 123-Rs 130.
Here are more details you should know in case you wish to subscribe.
SRIT India IPO: Offer size
SRIT India is a Bengaluru-based information technology services and digital systems integration company. Its public offer comprises solely a fresh issue of 1.68 crore shares. The shares will be listed on both NSE and BSE once the bidding is over and successful bidders are allotted. Choice Capital Advisors is the book running lead manager for the issue and KFin Technologies is the registrar.
SRIT India IPO: Lot Size
Retail investors need to bid for a minimum of one lot comprising 115 shares. This amounts to a minimum investment of Rs 14,950 at the upper end of the price band. The maximum number of lots retail applicants can bid for is 13.
For high net-worth investors, the lower cap is set at 14 lots and the upper limit is 33 lots, amounting to an investment of Rs 4,93,350.
SRIT India IPO: GMP at 25%
In the unlisted market, the stock is trading at a premium of Rs 33 or 25.38%, indicating a listing price of Rs 163, based on the upper end of the price band.
However, GMP is an unofficial metric to guess the listing price and is highly vulnerable to market volatility.
SRIT India IPO: Subscription timeline
SRIT India will wrap up its bidding process by September 30, and the company’s share allotment process is expected to be completed by October 1. SRIT India is expected to list on exchanges on October 6.