SRIT India IPO Day 2: Subscription Update, GMP, and Key Details for Retail Investors

The Initial Public Offering (IPO) of SRIT India Limited continued to attract investor attention on its second day of subscription, December 20, 2023. The IPO, which opened on December 19, 2023, is set to close on December 21, 2023, and aims to raise ₹10.40 crore through the issuance of 10.40 lakh equity shares.

Subscription Status on Day 2

As of the end of Day 2, the SRIT India IPO was subscribed 1.63 times overall. Retail individual investors (RIIs) showed robust interest, subscribing 2.44 times their allocated portion. Non-institutional investors (NIIs) also participated, with their segment subscribed 0.82 times. Qualified institutional buyers (QIBs) are yet to fully subscribe, with their portion subscribed 0.01 times.

IPO Details and Price Band

SRIT India has set the IPO price band at ₹100 to ₹120 per equity share. The company is offering shares with a face value of ₹10 each. Investors can bid for a minimum of 1,200 shares, which constitutes one lot, requiring a minimum investment of ₹1,44,000 at the upper end of the price band. The maximum application for retail investors is also one lot.

Grey Market Premium (GMP)

Market observers indicate that SRIT India shares are currently trading at a Grey Market Premium (GMP) of ₹10. This suggests that the grey market expects the shares to list at a premium of ₹10 over the IPO price, potentially around ₹130 per share (₹120 + ₹10). However, it's important to note that GMP is an unofficial indicator and can fluctuate significantly.

Company Background and Objectives

SRIT India Limited is engaged in the business of providing IT solutions and services. The company intends to utilize the net proceeds from the IPO for working capital requirements and general corporate purposes. This capital infusion is expected to support the company's growth initiatives and operational expansion.

Key Dates for Investors

• IPO Open Date: December 19, 2023
• IPO Close Date: December 21, 2023
• Basis of Allotment: December 22, 2023
• Initiation of Refunds: December 26, 2023
• Credit of Shares to Demat Account: December 26, 2023
• Listing Date: December 27, 2023

The shares are proposed to be listed on the BSE SME platform. Investors who have applied for the IPO should monitor these dates for allotment status and listing information.

Shah Investor's Home IPO

It is important to clarify that while the original source mentioned "Shah Investor’s Home IPO Day 2," the content primarily focuses on SRIT India. Shah Investor's Home is a separate entity and its IPO details are not provided in the source material. Therefore, this report focuses solely on SRIT India.

Retail investors considering participation in the SRIT India IPO should review the company's red herring prospectus (RHP) for detailed financial information and risk factors before making an investment decision.

This report is for informational purposes only and does not constitute investment advice. Please consult a financial advisor before making any investment decisions.