SRIT India IPO opens with 25% GMP: Apply or avoid?
What's the story
The initial public offering (IPO) of SRIT India has opened for subscription today. The issue will close on September 30, with the company looking to raise ₹218.4 crore through an entirely fresh issue of 1.68 crore shares. The price band for the IPO has been set at ₹123-130 per share and the lot size is 115 shares.
Investment details
GMP indicates strong listing
At the upper end of the price band, retail investors will have to invest a minimum of ₹14,950.
The latest gray market premium (GMP) for the SRIT India IPO is over 25%, or ₹33, against the upper price band of ₹130 per share.
This indicates expectations of a premium listing based on an unofficial market indicator.
Share allocation
Taurus Mutual Fund among anchor investors
Ahead of the IPO opening, SRIT India has allocated 50.4 lakh equity shares to nine anchor investors at ₹130 per share. This has raised ₹65.52 crore for the company.
Taurus Mutual Fund is the only domestic mutual fund in this anchor book with a 15.26% allocation at ₹130 per share.
Financials
Revenue for FY26 at ₹450 crore
SRIT India reported a revenue of ₹450 crore for the fiscal year ending March 2026, up 15.6% from ₹389.3 crore in FY25.
The government segment contributed 89.41% of the company's revenue while the enterprise segment accounted for 10.59%.
The net proceeds from this IPO will be used for capital expenditure to modernize existing products, meet working capital requirements, pursue inorganic growth through acquisitions and other strategic initiatives as well as general corporate purposes.
Business details
Promoter shareholding post-issue to fall to 62.59%
Post-issue, the promoters' shareholding in SRIT India will fall to 62.59% from 84.74%.
The company provides digital solutions and automation through custom application development and integration services for government entities and enterprises in India as well as select overseas markets.
It competes with listed peers such as Allied Digital Services, Aurionpro Solutions, Mastek, and Protean eGov Technologies, among others.
Workforce details
Company's workforce supports functions such as application development
As of June 30, 2026, SRIT India had a total of 177 permanent employees, seven contract-specific employees and 107 consultants.
The company's workforce supports functions such as application development, project management, operations, among others.
It operates across three key verticals - healthcare, e-governance and telecommunications & broadband with offerings including healthcare information systems, digital health platforms, cybersecurity, enterprise software, networking, connectivity, fiber-optic infrastructure, system integration, and automation services.