SRIT India IPO launches with strong grey market premium and modest subscription

SRIT India, an information-technology and services provider headquartered in Bengaluru, launched a fresh-issue IPO valued at ₹218.40 crore on Monday. The share price band is set from ₹123 to ₹130, with a lot size of 115 shares, requiring a minimum retail investment of ₹14,950 at the upper price. A grey market premium of about ₹33 per share points to a possible listing price near ₹163, representing a 25.38% uplift over the issue's top price.

The IPO will stay open for bidding until September 30, and early book-building data shows a subscription rate of 0.32 times overall, with weaker interest from non-institutional investors. Funds raised are slated for modernising existing products, supporting working capital, pursuing acquisitions, and other corporate purposes. Analysts view the firm as well-placed to benefit from government digitalisation initiatives, though they stress the need to diversify beyond government tenders and improve working-capital cycles.