Srit India Limited IPO
ListedMainboardIT - Software
125.16×
Subscribed
Price band
₹123 – ₹130
Lot size
115
1 lot = ₹14,950
Issue size
₹218.4 Cr
Open – close
28 Sept 2026
to 30 Sept 2026
Listing
06 Oct 2026
Listing gain
+13.85%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong6 of 7 dimensions read
The disclosed numbers are strong — 6 of 6 signals read positive
Strength97/100
- Undemanding valuation13.7× earnings at the upper band, with no peer set published to compare against
- Strong revenue growthRevenue compounding at 28.8% across the reported years
- High return on equityROE of 46.2%
- Conservative balance sheetDebt/equity of 0.11×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutions bid heavilyQIB portion subscribed 91.84×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens28 Sept 2026
- Closes30 Sept 2026
- Allotment01 Oct 2026
- Listing06 Oct 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB91.84x
Non-institutionalNII / HNI312.99x
Big NIIabove ₹10L355.80x
Small NII₹2L – ₹10L227.37x
Retail individualRII63.70x
31,09,304 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 30 Sept 2026.
Chance of allotment
Retail63.70× subscribed
~1 in 63.7
Minimum 1 lot · 115 shares · ₹14,950 blocked
Retail is 63.7× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 63.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII312.99× subscribed
~1 in 313
Minimum 14 lots · 1,610 shares · ₹2,09,300 blocked
HNI is 312.99× subscribed. This category is allotted proportionately, so a bid receives roughly 1/313 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹62+47.7%
over the upper band · last seen 19 Oct 2026 · rising since 25 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹123 – ₹130
Face value₹5
Lot size115shares
Minimum application₹14,950at cut-off
Total issue size₹218.4 Cr
Fresh issue₹218.4 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band13.73×
EPS₹8.03pre-issue
EPS₹9.47post-issue
NAV per share₹40.71
Return on equity46.18%
Debt / equity0.11×
EBITDA margin14.39%
ROCE28.79%
RoNW30.23%
PAT Margin9.62%
EBITDA Margin14.39%
NAV40.71
P/B (x)3.19
ISININE307K01028
RegistrarKFin Technologies Limited
Lead managersChoice Capital Advisors Private Limited
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 84,00,000 | — |
| Anchor Investor | 50,40,000 | — |
| QIB (Ex. Anchor) | 33,60,000 | — |
| NII (HNI) | 25,20,000 | — |
| bNII > ₹10L | 16,80,000 | 1043.00% |
| sNII < ₹10L | 8,40,000 | 521.00% |
| Retail | 58,80,000 | 51130.00% |
Total issue 1,68,00,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9501 lot · 115 sh
Retail (Max)₹1,94,35013 lots · 1,495 sh
S-HNI (Min)₹2,09,30014 lots · 1,610 sh
S-HNI (Max)₹9,86,70066 lots · 7,590 sh
B-HNI (Min)₹10,01,65067 lots · 7,705 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted50,40,000
Anchor portion₹65.52 Cr
Bid date25 Sept 2026
Lock-in ends (50%)31 Oct 2026
Lock-in ends (rest)30 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding of capital expenditure requirements towards modernization of existing products and redevelopment₹12.86 Cr
- 02Funding working capital requirements of our Company₹124 Cr
- 03Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes₹55.13 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 271.088 | — | 29.076 | 81.093 | — |
| 2025 | 389.347 | — | 33.604 | 93.165 | — |
| 2026 | 449.999 | — | 43.289 | 93.742 | — |
Revenue CAGR 28.8%PAT CAGR 22.0%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| SRIT India Limitedthis issue | 9.47 | — | 1932.72 | 30.23% |
| Mastek Limited | 3.11 | 12.59 | 20874.10 | 15.93% |
| Railtel Corporation of India Limited | 2.46 | 24.03 | 25678.20 | 14.17% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Criminal proceedings disclosedmedium
The DRHP states that there are 437 criminal proceedings filed against the company. It also states that except as disclosed in the section, there are no outstanding criminal proceedings, actions by regulatory authorities, tax claims, or other outstanding litigation involving the company, subsidiaries
mediumMajority of revenue (81.84% to 91.34%) is derived from tenders released by Government entities, creating dependence on government clients.
mediumThe Company cannot assure that it will meet pre-qualification criteria or find suitable consortium partners for large projects.
Litigation across 437 matters
The DRHP states that there are 437 criminal proceedings filed against the company. It also states that except as disclosed in the section, there are no outstanding criminal proceedings, actions by regulatory authorities, tax claims, or other outstanding litigation involving the company, subsidiaries, promoters, and directors. It further states there are no outstanding litigation involving the group company that would have a material impact on the company.
Positives the filing discloses (4)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage
Debt-to-equity of 0.11x.
Strong revenue growth
Restated revenue CAGR of 28.8%.
Healthy return on equity
ROE of 46.2%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+7.7%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Srit India Limited
SRIT India Limited is a Bengaluru-headquartered information technology and IT-enabled services company providing digital solutions, system integration, and automation services. Its operations are organised across healthcare, electronic governance, and telecommunications and broadband. In healthcare, the company provides hospital information systems, revenue cycle management, digital health platforms, system integration, implementation, data migration, and maintenance services. Its electronic governance services include e-governance platforms, cybersecurity solutions, enterprise software and digital service delivery systems for government clients and enterprises. In telecommunications and broadband, it provides networking, connectivity, system integration, and managed services, including fibre optic networks, broadband infrastructure, IP-MPLS networks, and smart city infrastructure. The company also develops AI-enabled solutions, including AI-based video analytics software, and has undertaken projects for power transformer monitoring and digital monitoring. Its delivery processes are appraised at CMMI Level 5 and SSE-CMM and certified to ISO 27034-1:2011, ISO/IEC 27001:2022, and ISO 45001:2018. It has executed over 103 projects in the last decade.
Founded 1999MD Mr Nambiar Raghavan MadhusoodanSector IT - Software
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Srit India Limited IPO GMP today?
The most recent grey-market premium recorded for Srit India Limited is ₹62 per share — about 47.7% over the ₹130 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Srit India Limited IPO subscribed?
Srit India Limited is subscribed 125.16× overall (QIB 91.84×, NII 312.99×, retail 63.70×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KFin Technologies Limited.
What is the minimum investment in the Srit India Limited IPO?
One lot is 115 shares, so a retail application at the ₹130 cut-off price blocks ₹14,950. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Srit India Limited IPO?
The retail portion is subscribed 63.70×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 64. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Srit India Limited IPO allotment date?
Allotment is scheduled for 2026-10-01, with listing on 2026-10-06. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KFin Technologies Limited.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.