SRIT India’s IPO Draws Record Demand
Bengaluru‑based IT solutions provider SRIT India opened its initial public offering on 28 September and closed the bidding on 30 September. By 12:40 pm the issue had been subscribed 33.4 times, according to NSE data. The company offered 1,176,000 shares at a price band of ₹123‑₹130, with a lot size of 115 shares.
Investor Appetite Skewed Toward Non‑Institutionals
The bulk of the demand came from non‑institutional investors, who subscribed 94.72 times the issue size. Retail investors, meanwhile, subscribed 25.64 times. The high subscription multiples reflect strong confidence in SRIT’s business model and growth prospects.
Grey‑Market Premium Surges
On the morning of 30 September, InvestorGain reported a grey‑market premium (GMP) of 27 percent for SRIT shares. The GMP, an unofficial indicator based on off‑market trades, can fluctuate before the formal listing and does not guarantee the final price. Nevertheless, the premium suggests that market participants expect the shares to trade above the upper end of the price band.
Use of Proceeds
SRIT India plans to deploy the ₹218.4‑crore proceeds primarily toward working capital, modernisation and redevelopment of existing products, acquisitions, and general corporate purposes. The fresh issue of 1.68 crore shares will strengthen the company’s balance sheet and support its expansion plans.
Listing and Next Steps
The company is scheduled to list its equity shares on the BSE and NSE on 6 October. Investors who subscribed in the IPO will receive allotments on that date, subject to the final pricing and regulatory approvals.
Bottom Line
SRIT India’s IPO demonstrates robust demand from both retail and non‑institutional investors, with a premium that signals market optimism. The company’s focus on digital solutions and automation positions it well in India’s growing IT services sector.