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₹123 - 130Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
SRIT India Ltd
IT - SoftwareIPO
₹123 - 130
We are a Bengaluru-headquartered Information Technology and Information Technology enabled Services ("IT/ITeS") solutions company offering digital solutions and automations of systems through custom application development and integration services. We have a track record of twenty-six years in designing, implementing and operating digital platforms for Government entities and Enterprises in India and select overseas markets. The Company has successfully implemented large-scale, mission-critical projects for both central and state government bodies across India.
Lot115Min Invest₹14,950Face Value₹5Issue Size₹218 CrFresh Issue₹218 CrListing Price₹140CMP₹120
Timeline
28 Sept
Bidding opens
30 Sept
Bidding closes
1 Oct
Allotment
5 Oct
Refund & demat credit
6 Oct
Listing
Subscription · As of 7:56 PM, 30 Sept
Demand by day
CategoryDay 1Day 2Day 3Now+0.00x+0.03x+91.81x91.8x+0.90x+4.35x+307.74x313.0x+1.61x+4.43x+57.66x63.7xOverall+1.00x+3.16x+121.00x125.2x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB91.8x79.48 L72.99 Cr9,488.56NII313.0x23.84 L74.63 Cr9,701.44Retail63.7x55.63 L35.44 Cr4,607.33Total125.2x1.68 Cr210.27 Cr25,863.06
Reports
Offer Details
Terms
Issue Size₹218 Cr1.68 Cr shares
Fresh Issue₹218 Cr
Face Value₹5
Lot Size115 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9501-13 lots
sNII₹2,09,300from 14 lots
bNII₹10,01,650from 67 lots
Managers & Registrar
Lead ManagerChoice Capital Advisors Private Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group84.9%62.74%Public15.1%37.26%
Objects of the Issue
- Funding of capital expenditure requirements towards modernization of existing products and redevelopment
- Funding working capital requirements of the Company
- General corporate purposes
Anchor Book
Bid Date25-Sep-2026Bid Price₹130Shares50,40,000Amount₹66 CrMutual Funds15.26% of the book30-day lock-in30-Oct-202690-day lock-in29-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 196 | 153 | 250 | 389 | 450 |
| Operating ProfitCr | 14 | 23 | 27 | 50 | 65 |
| OPM% | 7.1 | 15.1 | 10.7 | 12.8 | 14.4 |
| PBTCr | 13 | 81 | 27 | 46 | 55 |
| PATCr | 7 | 73 | 19 | 34 | 43 |
| EPS | 2 | 27 | 7 | 7 | 9 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 27 | 27 | 27 | 20 | 24 |
| ReservesCr | -5 | 34 | 54 | 73 | 170 |
| BorrowingsCr | 72 | 17 | 24 | 62 | 45 |
| Total AssetsCr | 367 | 369 | 448 | 497 | 614 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -3 | 12 | 26 | 18 | -12 |
| Investing Cash FlowCr | 0 | -11 | -9 | -27 | -31 |
| Financing Cash FlowCr | 1 | 1 | 4 | 0 | 34 |
| Net Cash FlowCr | -2 | 1 | 21 | -9 | -10 |
Strengths & Risks
Strengths · as stated in the DRHP
- Established track record with end-to-end product solution and integration capabilities.
- Diverse Order Book across offerings for multiple clients & geographies.
- Extensive geographic footprint with scalable operations across key markets.
- Strong financial performance and healthy balance sheet.
- Experienced Promoters and Senior Management team, having domain knowledge.
Strategies · as stated in the DRHP
- Enhance our service offerings and leveraging emerging technologies to address dynamic client needs.
- Accelerate growth by strategically entering new and emerging markets.
- Expanding into newer geographies domestically and internationally.
- Enhancing our technology offerings and artificial intelligence capabilities through collaborations.
- Leveraging collaborations with Government and other Enterprises.
- Expanding recurring revenue streams and strengthening cloud service capabilities.
Risks · as stated in the DRHP
- Majority of the company's projects have been awarded through competitive bidding process, which is heavily dependent on tenders from Government entities, accounting for approximately 89.41%, 91.34%, and 81.84% of its revenue from operations for Fiscals 2026, 2025, and 2024, respectively. Failures to qualify for, complete or win new contracts could negatively impact the company's business, potentially affecting its financial condition, operational results, growth prospects, and cash flow stability.
- A significant portion of the company's revenue from operations is attributable to its top ten customers accounting for approximately 89.36%, 92.68%, and 84.54% of the company's total revenue from operations, for the Fiscals 2026, 2025, and 2024, respectively, and its business and profitability is dependent on the company's ability to win projects from such customers. Loss of one or more of its customers or reduction in their demand for the company offerings could adversely affect its business, results of operations and financial conditions.
- The majority of the company Order Book and revenue from operations are from the projects undertaken for the electronic governance sector with such projects accounting for approximately 58.40%, 63.86%, and 65.33% of its total Order Book value, and approximately 68.39%, 61.29%, and 50.13% of the company's revenue from operations, for the Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Any reduction in the activity and expenditure levels in this sector may adversely affect its business and prospects, and may reduce the number of projects the company undertake and impede its growth. Further, any significant social, political, or economic changes in this sector could adversely affect the company's business, results of operations, financial condition, and cash flows.
- The company relies on third parties, including contractors and sub-contractors, to complete specific projects or specific portions of its projects. Sub-contractor costs were 78.92%, 80.87%, and 75.42%, as a percentage of total expenses in the Fiscals 2026, 2025, and 2024, respectively. The company would be liable for any delay or default by such sub-contractor. Further, sub-contracting of maintenance activities requires prior approval from the authorities and failures to obtain such approvals would result in a breach of the terms of the project contracts.
- Trade receivables and contract assets form a substantial part of the company's Current Assets and Net Worth. Failures to manage the same could have an adverse effect on its profitability, cash flow and liquidity.
- The company's growth, in part, depends on its ability to maintain successful relationship with the company's business collaboration and consortium partners and any breakdown of such relationships could adversely affect its business, financial condition, results of operations and cash flows.