The book-built issue will remain open for bidding until March 10, with share allotment expected to be finalised on March 11. The company is scheduled to list on the NSE SME platform on March 13.
The IPO comprises a fresh issue of about 17.13 lakh shares aggregating to Rs 16.79 crore and an offer for sale of 3.60 lakh shares worth Rs 3.53 crore. The price band for the issue has been set at Rs 91–98 per share. At the upper end of the price band, the company’s pre-IPO market cap is estimated at around Rs 77 crore.
Retail investors are required to bid for a minimum of 2,400 shares, translating into an investment of Rs 2,35,200 at the upper price band.
Out of the total issue size of 20,73,600 shares, 1,04,400 shares have been reserved for the market maker, Rikhav Securities Ltd. The remaining portion includes 9,75,600 shares allocated to non-institutional investors and 9,74,400 shares reserved for retail investors. Only 19,200 shares have been set aside for qualified institutional buyers.
Business overview
Srinibas Pradhan Constructions operates in the infrastructure and utilities sector, focusing on projects related to roads, highways, bridges, electricity infrastructure and mining infrastructure.
The company undertakes construction of rural and urban roads, bridges, steel structures and industrial facilities. It also delivers civil construction services covering foundations, industrial buildings and multi-storey structures.
Most of its projects are executed through competitive bidding processes involving government departments, public sector undertakings and private corporate clients. The company’s operations are largely concentrated in Odisha.
As of February 15, the company reported an order book of about Rs 184 crore, providing visibility for upcoming revenue streams.
Financial performance
For the six months ended September 30, the company reported total income of Rs 46 crore and profit after tax of Rs 4 crore. In FY25, total income stood at Rs 89.73 crore, while net profit was Rs 6.59 crore.
Use of proceeds
The company plans to use Rs 11.55 crore from the net proceeds to meet working capital requirements, Rs 1 crore towards repayment of a portion of existing borrowings and the remainder for general corporate purposes.
With the GMP currently flat, listing expectations remain subdued. Investors will closely track subscription demand over the next few days, particularly from retail and non-institutional segments, as SME IPO sentiment remains cautious amid broader market volatility.
Novus Capital Advisors is the book-running lead manager to the issue, while Maashitla Securities is the registrar.
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