The subscription window for SRIT India opens September 28, closing September 30. The company is issuing 1.68 crore fresh equity shares at a price band of ₹123-130 per share. Retail investors face a minimum investment of ₹14,950 for one lot of 115 shares at the upper end. Demand seems strong before the bell even rings—grey-market premiums (GMP) have already crossed 25% on Monday, a sharp indicator of retail appetite despite the volatility inherent in unlisted markets.
The anchor investor round is closed, with SRIT allocating 50.40 lakh shares to nine institutions at the maximum price of ₹130. This secures ₹65.52 crore upfront. Taurus Mutual Fund is the sole domestic mutual fund in the mix, grabbing a 15.26% chunk. The anchor book is otherwise split evenly among Abakkus Venture Opportunities Fund 2, Founders, and Saint Capital Fund, each taking the same 15.26% stake. This institutional backing at the full price cap suggests confidence in the valuation, even if the broader market remains cautious on IT-heavy stocks.
Fundamentals back the valuation. SRIT India reported revenue of ₹450 crore for FY26, up 15.6% from ₹389.3 crore in FY25. The government segment dominates the top line, contributing 89.41% of revenue, while enterprise clients account for the remaining 10.59%. The company is pushing hard into AI-enabled solutions, competing directly with listed peers like Allied Digital Services, Mastek, and Protean eGov Technologies. Promoter stake dilutes from 84.74% to 62.59% post-issue, a significant drop that signals a shift toward broader public ownership.
Proceeds from the ₹218.40 crore raise are earmarked for modernizing existing products, funding working capital, and pursuing unidentified acquisitions. Choice Capital Advisors is the book-running lead manager, with KFin Technologies handling registration. Allotment is expected on October 1, with shares hitting the NSE and BSE boards on October 6. Traders should watch the GMP trend over the next two days; if it holds above 20%, the listing day could see a significant pop, assuming the broader IT index doesn't take a dive.