The Rs 20 crore IPO of Srinibas Pradhan Constructions was open for subscription between March 6 and March 10, with the basis of allotment finalised on March 11. The IPO was a combination of a fresh issue of Rs 16.79 crore and an offer for sale worth Rs 3.53 crore, aggregating to 20.73 lakh shares.
The issue saw moderate investor demand, with the IPO subscribed 1.13 times overall. The non-institutional investor (NII) category was subscribed 1.57 times, while the qualified institutional buyer (QIB) portion was subscribed 1.13 times. Retail investor participation remained relatively subdued, with the retail portion subscribed 0.69 times.
Incorporated in 2020, Srinibas Pradhan Constructions operates in the infrastructure and utilities sector, focusing primarily on projects related to roads, highways, bridges and electricity infrastructure.
The company undertakes construction of rural roads, major district roads and urban roads, along with bridge projects and steel structures for infrastructure and industrial facilities. It also provides civil construction services covering industrial buildings, foundations and multi-storey structures.
Srinibas Pradhan Constructions participates in competitive bidding processes for infrastructure projects mainly across Odisha, working with state government departments, public sector undertakings and private corporate clients.
Its project portfolio spans roads, bridges, irrigation works, canal infrastructure and industrial development projects.As of February 15, 2026, the company reported a consolidated order book of around Rs 184 crore, providing visibility for future revenue.
Financially, the company has reported steady growth in recent years. For FY25, it reported revenue of Rs 89.73 crore and profit after tax of Rs 6.59 crore. For the six months ended September 2025, revenue stood at Rs 45.63 crore, with profit after tax of Rs 4.11 crore.
The company plans to utilise the proceeds from the fresh issue primarily to fund working capital requirements, repay a portion of existing borrowings, and meet general corporate expenses.
With the grey market indicating no listing premium, investors will closely watch how the stock performs when it makes its debut on the SME exchange later this week.