SRIT India saw a strong start in its public debut with 84% of the shares subscribed on day one. Retail investors led the demand, booking 1.4 times their available quota. The IT company is raising Rs 218.4 crore with a price band set at Rs 123 to Rs 130 per share.
The Bengaluru-based information technology solutions provider, SRIT India, opened its initial public offering on Monday with strong participation from individual investors. Data from the National Stock Exchange indicated that the company received bids for 9.92 million shares against the total offer size of 11.7 million shares. By the end of the first day of bidding, the total subscription reached 84 percent.
Retail investors were the primary driver of the initial momentum, with their specific portion of the issue being fully booked at 1.4 times the allocation. Non-institutional investors, which include high-net-worth individuals, showed more measured activity, accounting for 66 percent of their reserved quota. The company has set a price band for the shares between Rs 123 and Rs 130. At the upper end of this range, the company is looking at a market valuation of approximately Rs 835.5 crore.
The capital being raised is intended for specific growth and operational needs. Out of the total Rs 218.4 crore issue, the company plans to utilize Rs 124 crore to strengthen its working capital. For IT firms, maintaining adequate working capital is often a critical focus, as it supports the daily operations of long-term projects, including managing client credit cycles and staffing costs. Additionally, Rs 15.3 crore is set aside for the modernization and redevelopment of existing software products. The firm specializes in digital solutions and system automation, which are areas seeing consistent corporate demand as businesses continue to invest in infrastructure optimization.
The public offering remains open for bidding, with the company aiming to finalize share allotments by October 1. Investors who are successful in securing shares can expect them to list on the stock exchanges on October 6. As the bidding process continues, market participants often look for signs of strong participation from institutional investors, as this is frequently viewed as a gauge of institutional confidence in the pricing and future business prospects of the firm. While retail enthusiasm has been high on the first day, the overall success and final pricing will depend on the continued interest from different categories of investors throughout the remainder of the subscription window.