Mar 26, 2024
By: Sourabh JainJammu and Kashmir-based SRM Contractors’ initial public offering (IPO) opens on Tuesday, March 26, and will close on Thursday, March 28.
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SRM Contractors has fixed a price band of ₹200-₹210 per share for its public issue
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SRM Contractors is looking to raise ₹130.20 crore from the current IPO. This is entirely a fresh issue and there is no offer for sale (OFS) component.
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Investors can bid for a minimum of 70 shares and in multiples of 70 shares thereafter.
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SRM Contractors is a Jammu and Kashmir-based construction and development company, engaged in the construction of roads, tunnels and more in the Union Territories of Jammu and Kashmir and Ladakh.
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As of January 31, 2024, the company’s total order book consists of 21 infrastructure projects amounting to a value of ₹1199.31 crore.
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The company’s income was ₹300.3 crore in FY23, up from ₹263.3 crore in FY22. The company reported a net profit of ₹18.75 crore in FY23, up from ₹17.57 crore in FY22.
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As the company’s business is concentrated in the Union Territories of Jammu and Kashmir and Ladakh, it is exposed to risks arising out of regulatory, economic, geo-political, and other changes in these areas.
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The company receives over 80 per cent of its revenue from its top five customers. Any change in these major clients may pose an adverse effect on the business and its financials.
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