SRIT India IPO subscribed over 33x so far on Day 3; GMP rises to 27%

New business data points to the fact that The initial public offering (IPO) of Bengaluru-based IT solutions provider SRIT India continued its firm performance on the last day of bidding, with the offering subscribed over 33 times as of 12:40 pm on September 30, according to NSE data.

The Rs 218.4-crore IPO received bids for 39,01,52,335 shares against 1,17,60,000 shares on offer. Non-institutional market participants led the demand, with their portion subscribed 94.72 times. The retail investor category was subscribed 25.64 times.

In the grey market, SRIT India shares were commanding a premium of 27 percent on the morning of September 30, according to InvestorGain.

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That stated, the grey market premium (GMP) is an unofficial indicator and is based on transactions taking place outside the formal market mechanism. GMP can change before stock-exchange debut and does not guarantee the actual stock-exchange debut price.

SRIT India opened its IPO for subscription on September 28, and the offering will close on September 30.

The firm has set the price range at Rs 123-130 per share. The IPO lot size is 115 shares, meaning retail market participants need to invest a minimum of Rs 14,950 at the upper end of the price range.

The IPO comprises a fresh offering of 1.68 crore shares.

The firm plans to use the proceeds from the offering towards working capital requirements, modernisation and redevelopment of existing products, acquisitions and general corporate purposes.

SRIT India is a Bengaluru-headquartered IT and IT-enabled services firm that provides digital solutions, automation and custom application development services.

The firm is scheduled to list its equity shares on the BSE and NSE on October 6.