Srinibas Pradhan Constructions IPO opens today: Check GMP, subscription status, and other details

Srinibas Pradhan Constructions IPO Day 1: The initial public offering of Srinibas Pradhan opened for subscription today March 6 and will close on Tuesday, March 10. The Srinibas Pradhan IPO price band has been set in the range of ₹91-98 per share. The SME IPO allotment is expected on Wednesday, March 11 while successful applicants are likely to receive their shares on Thursday, March 12. Refunds for non-allottees will also be processed on the same day. The stock is scheduled to list on NSE SME with a tentative listing date of March 13, Friday. Srinibas Pradhan Constructions IPO GMP Today Investor sentiment toward the IPO is muted, as Srinibas Pradhan Constructions grey market premium (GMP) is ₹0 on March 6. This suggested that the stock was likely to debut at ₹98, same as IPO price. 'Grey market premium' indicates investors' readiness to pay more than the issue price. Srinibas Pradhan Constructions IPO subscription status The IPO was subscribed 0.02 times by 12:52 pm on Day 1. The retail portion was subscribed 0.02 times, and NII portion was booked 0.01 times, and Qualified Institutional Buyers (QIBs) portion had not received any bids yet. The company has received bids for 31,200 shares against 19.69 lakh shares on offer. Srinibas Pradhan Constructions IPO Details The company aims to raise ₹20.38 crore from this initial public offering (IPO), which is a mix of fresh shares and an offer for sale (OFS). The issue is a combination of fresh issue of 17 lakh shares worth ₹16.79 crores and offer for sale of 4 lakh shares aggregating to ₹3.53 crore. The company plans to utilise the net proceeds from the issue primarily to support its business operations and financial obligations. Out of the total estimated proceeds of ₹12.55 crore, around ₹11.55 crore will be allocated towards meeting the company’s working capital requirements. In addition, ₹1 crore will be used for the partial repayment of loans availed by the company. The remaining funds will be deployed for general corporate purposes. The IPO has a lot size of 1,200 shares, and retail investors must apply for a minimum of two lots. This means the minimum investment required comes to about ₹2.35 lakh for 2,400 shares at the upper end of the price band. Novus Capital Advisors Private Limited is acting as the book-running lead manager for the issue, while Maashitla Securities Pvt Ltd has been appointed as the registrar. Rikhav Securities Ltd. will serve as the market maker for the company. About Srinibas Pradhan Constructions Srinibas Pradhan Constructions Limited is an infrastructure company based in Odisha that undertakes projects involving the construction of roads, highways, bridges and other civil structures, along with industrial buildings and maintenance work. During FY25, road and bridge construction contributed the majority of revenue at 70.23%, followed by industrial and other building projects at 23.82%. Maintenance activities accounted for 5.53%, while equipment rental contributed 0.42%. The company largely operates on a B2B model, with 91.19% of its FY25 revenue coming from non-government clients. In terms of project execution, 54.36% of revenue came from direct contracts, while 45.64% was generated through subcontracted work. As of February 2026, the company’s order book stood at ₹184.07 crore.