SRIT India IPO Crosses 20x on Final Day as HNIs Pile In and Institutions Stay Away

Demand for SRIT India's initial public offering surged on its final day of bidding on Wednesday, taking the issue from about four times subscribed to more than 20 times within the first few hours of trade. The rush came almost entirely from individual investors, with institutions still largely absent. Our opening-day report covers the issue terms and business background.

How the book filled up

The Rs 218.4-crore issue, priced at Rs 123 to Rs 130 per share, was barely covered on Monday, ending day one at 1.00 times. Tuesday lifted that to 4.11 times. On Wednesday, the pace picked up sharply: the issue stood at about 12.8 times at 11:15 am and about 23.3 times an hour later, according to exchange data compiled by ScanX. A separate tally reported by Goodreturns put the figure at 19.33 times around noon.

The category split tells the real story. As of 12:15 pm:

• Non-institutional investors led the demand, with the smaller HNI segment at about 53.6 times and the larger HNI segment even higher.
• Retail investors had bid for about 20 times the shares set aside for them.
• Qualified institutional buyers had subscribed only about 0.11 times their portion.

Bidding remains open until 5 pm, so the final numbers are likely to be higher. Late-day surges are common on closing days, especially in the HNI category.

The institutional gap

A near-empty QIB book is unusual for a mainboard issue that is otherwise heavily oversubscribed, and it is the detail investors are most likely to debate. The offer documents point to some of the concerns institutions may be weighing. About 89 per cent of SRIT's FY26 revenue came from government-entity tenders, and its top ten customers made up a similar share. Sub-contracting fees accounted for close to 79 per cent of total expenses, and trade receivables plus contract assets were roughly 63 per cent of total assets, reflecting how slowly government clients tend to pay.

On the other side of the ledger, the company reported an outstanding order book of about Rs 1,205 crore as of June 30, 2026, which is more than two and a half times its FY26 revenue from operations of Rs 450 crore. Profit after tax rose to Rs 43.3 crore in FY26 from Rs 29.1 crore two years earlier.

Grey market and next steps

Grey-market trackers were quoting a premium of about Rs 33 per share on Wednesday morning, implying a possible listing gain of around 25 per cent over the upper band. Grey-market prices are unofficial and unregulated, and they can swing sharply before listing.

Allotment is expected to be finalised on Thursday, October 1. Shares are scheduled to list on the NSE and BSE early next week, with most trackers pointing to October 6. Investors who applied can check allotment status on the registrar's website once the basis of allotment is fixed.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.