SRM Contractors shares make market debut with over 7 pc premium

Shares of engineering construction and development company SRM Contractors listed with a premium of over 7 per cent on Wednesday against the issue price of Rs 210.

The stock made its debut at Rs 225, registering a jump of 7.14 per cent from the issue price on the BSE.

On the NSE, it listed at Rs 215.25, up by 2.50 per cent against the issue price.

The company's market valuation stood at Rs 541.94 crore on the BSE.

In the morning session, the 30-share BSE Sensex declined 281.18 points or 0.38 per cent to 73,622.73. The NSE Nifty fell 93.15 points or 0.41 per cent to 22,360.15.

The Initial Public Offering (IPO) of SRM Contractors got subscribed 86.57 times on the last day of bidding on March 28.

The IPO had a fresh issue of up to 62 lakh equity shares at a price range of Rs 200-210 per share, aggregating up to Rs 130.20 crore.

SRM Contractors is an engineering construction and development company engaged primarily in the construction of roads (including bridges), tunnels, slope stabilization works and other miscellaneous civil construction activities in the Union Territories of Jammu & Kashmir and Ladakh, as per its website.

The company was incorporated in September 2008.

Interactive Financial Services is the manager to the offer.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)