SRM Contractors IPO Allotment Status

Tanushree Jaiswal Tanushree Jaiswal 2nd April 2024 - 06:01 pm
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Building blocks of the SRM Contractors Limited Ltd IPO

SRM Contractors IPO is book built issue of Rs 130.20 crores, comprising entirely of fresh issue of 0.62 crore shares. SRM Contractors IPO opens for subscription on March 26, 2024, & closes on March 28, 2024.  Allotment for SRM Contractors IPO is expected to be finalized on Monday, April 1, 2024. SRM Contractors IPO will list on BSE & NSE, with tentative listing date fixed as Wednesday, April 3, 2024.

SRM Contractors IPO price band is set at ₹200 to ₹210 per share. Minimum lot size for application is 70 Shares. Minimum amount of investment required by retail investors is ₹14,700. For sNII, minimum lot size investment is 14 lots (980 shares), amounting to ₹205,800, & for bNII, it is 69 lots (4,830 shares), amounting to ₹1,014,300.
Upcoming Ipo’s (SRM Contractors) book running lead manager is Interactive Financial Services Ltd IPO, while Bigshare Services Pvt Ltd is registrar for issue.

How to Check allotment status of SRM Contractors Ltd IPO?

Since this is an BSE, NSE IPO, there is facility to check on the exchange website and BSE only offers allotment status for the mainboard IPOs and for BSE, NSE IPOs. If you have applied for the IPO, you can check your allotment status only on the website of the IPO registrar, Bigshare Services Pvt Ltd. Alternatively, if your broker provides you a link to access the allotment status, you can do the same. Here are the steps that you need to follow to check allotment status on the website of the IPO registrar, Bigshare Services Pvt Ltd. The same can typically checked once the basis of allotment is finalized in this case, which will be late on 01stApril 2024.

Checking the allotment status on Bigshare Services Pvt Ltd (Registrar to IPO)

Visit the Bigshare Services Pvt Ltd registrar website for checking the IPO allotment status by clicking on the link below:

https://ipo.bigshareonline.com/IPO_Status.html

There are three things to remember. Firstly, you can just click on the hyper link given above and directly go to the allotment checking page. The second option, in case you are not able to click on the link, is to copy the link and paste in your web browser. Thirdly, there also a way to access this page via the home page of SRM Contractors by clicking on the IPO Allotment Status link displayed prominently on the home page. It all works the same.
Once you go to the main allotment status page of SRM Contractors the investors have 2 options. They can either query for the IPO allotment status based on the Application Number or on the basis of a combination of DP ID and Client ID.

Here is how you can go about both these options.

•    To Query by Application Number, click on the “Search on Application No.” hyperlink. This will take you to a fresh page with a box provided to input the application number. Here is what needs to be done.

o    Enter the Application Number as it is
o    Enter the 6-digit Captcha Code
o    Click on Submit button
o    Allotment Status gets displayed on screen showing number of shares allotted

•    To Query by DP-ID, click on the “Search on DP-id/Client id” hyperlink. This will take you to a fresh page with 2 boxes provided to input the DP ID and the Client ID in that order. Here is what needs to be done.

o    Enter the DP-ID
o    Enter the Client-ID
o    Enter the 6-digit Captcha Code
o    Click on Submit button
o    Allotment Status gets displayed on screen showing number of shares allotted

SRM Contractors offers you the facility to toggle between the two search options of application number and DP id, without going back to the main page. It is a good idea to take a screenshot of the final output for your records and also for reconciliation with the demat account on the demat allotment date.

There are some basic rules to remember here. The basis of allotment is being finalized on April 1, 2024, so the investors would be able to access the online allotment status facility, either late on April 1, 2024 or by the middle of April 2, 2024. Once you get the online output, you can save a screenshot of the same, so that the same can be later reconciled with the demat credit on April 2, 2024 or later. It would appear on the demat account with ISIN Number.

How Allocation Quota and Subscription Impact basis of allotment

Here is a quick look at how the allocation was made across different categories of investors in the IPO of SRM Contractors ltd at the closed of the IPO on 28thMarch 2024.

Investor Category Shares Allocated in IPO
Anchor Allocation Portion 1,859,900 shares (30.00%)
QIB Shares Offered 1,240,100 shares (20.00% )
NII (HNI) Shares Offered 930,000 shares (15.00%)
Retail Shares Offered 2,170,000 shares (35.00%)
Total Shares Offered 4,068,000 shares (100.00%)

Data Source: NSE

Subscription status of SRM Contractors IPO reflects overwhelming investor interest, with issue being subscribed 86.56 times overall by March 28, 2024. In retail category, subscription was 46.96 times, indicating strong retail investor participation. Qualified Institutions witnessed robust demand, with subscription of 59.59 times, demonstrating institutional investors' confidence in IPO.  

Non-Institutional Buyers (NII) category, including bids above & below ₹10 lakhs, experienced exceptional subscription levels of 214.94 times, showcasing significant interest from high-net-worth individuals & other non-institutional investors. High subscription levels across all investor categories suggest positive market sentiment towards SRM Contractors IPO. Substantial oversubscription reflects investors' confidence in company’s prospects & attractiveness of its offerings.

Overall, strong subscription indicates favourable response from investor community & bodes well for successful debut of SRM Contractors on stock exchanges.

Here is final subscription status of SRM Contractor Ltd IPO as at close on 28th March 2024.

Investor Category Subscription (times) Shares Offered Shares bid for Total Amount (Rs Cr.)
Anchor Investors 1 18,59,900 18,59,900 39.06
Qualified Institutions 59.59 12,40,100 7,39,02,710 1,551.96
Non-Institutional Buyers 214.94 9,30,000 19,98,92,700 4,197.75
BNII (bids above ₹10L) 220.57 6,20,000 13,67,51,650 2,871.78
SNII (bids below ₹10L) 203.68 3,10,000 6,31,41,050 1,325.96
Retail Investors 46.96 21,70,000 10,18,92,910 2,139.75
Total 86.56 43,40,100 37,56,88,320 7,889.45
Total Applications : 1,421,294

To sum it up, the oversubscription is quite modest, so the chances of allotment in the IPO would be relatively higher. This applies to the retail portion and also to the HNI / NII portion; as the subscription is very modest in both the categories.

Next steps in the IPO of SRM Contractor Ltd

With the IPO of SRM Contractor Ltd closed for subscription at the end of 28thMarch 2024, the next piece of action shifts to the finalization of the basis of allotment and later to the listing of the IPO. The basis of allotment will be finalized on 01stApril 2024 while the refunds would be initiated on 02nd April 2024. The shares of SRM Contractor would be credited to the demat accounts of eligible shareholders by the close of 2nd April 2024 while the stock of SRM Contractor Ltd is expected to be listed on 03rdApril 2024. The listing will happen on the NSE, BSE segment for mainboard companies IPO space.

Investors would do well to remember that the level of subscription is very material as it determines the chances of getting allotment. Normally, higher the subscription ratio, lower the chances of allotment and vice versa. In this case, the subscription levels have been very modest in the IPO; both in the Retail segment and also in the HNI / NII segment.

Investors in the IPO need to assess their chances of allotment accordingly. The final status will be known once the basis of allotment is finalized and uploaded for you to check. You can apply the above allotment checking process flow after the basis of allotment is finalized.

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