Srinagar: J&K-based SRM Contractors, an engineering, procurement and construction (EPC) company, is set to roll out an initial public offer (IPO) on Tuesday, March 26. The public offer, comprising fresh issuance of shares, is estimated to be worth Rs 130 crore.
Established in 2008, SRM Contractors is a construction and development company primarily engaged in a host of construction activities involving roads, bridges, tunnels, and slope stabilisation, in Jammu and Kashmir, and Ladakh. The company operates as an EPC contractor and on a unit-price basis for infrastructure projects, and subcontracts infrastructure construction projects.
As per the listing documents accessed by Ziraat Times, the company plans to utilise the net proceeds towards from the IPO funding including, funding capital expenditure requirements for the purchase of equipment and/or machinery; full or part repayment and/or prepayment of certain outstanding secured borrowings; funding the working capital requirements; investment in project-specific joint ventures; general corporate purposes.
For J&K’s potential investors here is more information about the IPO:
The IPO will open for subscription from 10 am to 5 pm on Tuesday, March 26, for three trading days till March 28.
Under the SRM Contractors IPO, shares will be available for bidding in a price band of Rs 200-210 apiece. The shares will be in multiples of 70 units, which translates into Rs 14,700 per lot at the upper end of the price band. The issue comprises fresh issuance of 62 lakh shares.
The basis of the allotment of shares, under the SRM Contractors IPO, is likely to be finalised tentatively on Monday, April 1. SRM Contractors IPO shares are likely to be listed on stock exchanges BSE and NSE tentatively on Wednesday, April 3. Interactive Financial Services is the book-running lead manager of the SRM Contractors IPO. Bigshare Services is the registrar for the issue.
