SRIT India IPO Opens: Rs 218-Crore Fresh Issue From a Bengaluru E-Governance and Health-Tech Firm

SRIT India Ltd, a Bengaluru-headquartered IT and IT-enabled services company that builds digital platforms for governments and hospitals, opened its initial public offering on Monday, September 28. The Rs 218.4-crore issue is open until September 30, and it arrives on a day when the broader market is under heavy selling pressure.

Issue at a glance

The price band is Rs 123 to Rs 130 per share. Investors can bid in lots of 115 shares, which means a retail applicant needs at least Rs 14,950 at the top of the band.

The entire offering is a fresh issue of about 1.68 crore shares. There is no offer-for-sale component, so none of the money goes to existing shareholders cashing out. That detail often reassures investors, since every rupee raised goes into the company.

Allotment is expected to be finalised on October 1, with shares scheduled to list on the NSE and BSE on October 6. Choice Capital Advisors is the book-running lead manager, and KFin Technologies is the registrar.

What SRIT India does

Incorporated in 1999, SRIT designs, implements and runs technology systems mainly for government bodies and large enterprises. Its business rests on three verticals: healthcare, e-governance, and telecom and broadband.

In practice that covers hospital information systems and digital health platforms, citizen-service portals, cybersecurity, fibre-optic network rollouts, system integration and managed services. The company says it has also begun building AI-enabled products within these verticals. As of June 30, 2026, it had 177 permanent employees along with a larger pool of consultants and contract staff.

Financials and use of funds

SRIT's total income rose about 15 per cent to Rs 463 crore in FY26 from Rs 401 crore a year earlier. Profit after tax grew faster, by roughly 26 per cent, to Rs 43 crore from Rs 34 crore.

Of the net proceeds, about Rs 124 crore is set aside for working capital. That is typical for a company whose customers are largely government departments, which often pay slowly. Another Rs 12.86 crore will go towards modernising and redeveloping existing products, and the rest is earmarked for possible acquisitions and general corporate purposes.

Reading the early signals

Grey-market trackers were showing a premium of roughly 12 to 25 per cent over the upper price band as bidding opened, depending on the source. Grey-market prices are unofficial and unregulated, however, and can change quickly. That caution applies with extra force on Monday, when the Nifty fell below 23,000 and foreign investors kept selling.

Investors weighing the issue will likely focus on how dependent SRIT is on government contracts, how long its receivables take to collect, and whether the new AI products can lift margins. SRIT is one of several mainboard and SME issues opening this week, so it will also be competing for attention in a crowded primary market.

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