SRIT India IPO: Allotment Status, GMP, Listing Date and Review

SRIT India builds software and IT systems for hospitals, government departments and telecom operators, and it has been doing so since 1999. Its ₹218.40 crore IPO was one of the most heavily bid issues of the season: 125 times overall, with 31 lakh applications and HNIs bidding over 300 times their quota.

Allotment has been finalised and shares list on BSE and NSE on 6 October. The grey market premium of about ₹53 points to a listing near ₹183, roughly 41% above the ₹130 issue price.

SRIT India IPO at a glance

With retail subscribed 63.70 times, roughly one in 64 retail applicants will have received a lot of 115 shares.

What SRIT India actually does

SRIT India Ltd was incorporated in September 1999 and is headquartered in Bengaluru. Its promoters are Nambiar Raghavan Madhusoodan, Prasaktha Vakkiyl Nambiar and Martin Poovakkulam Chacko. It provides digital solutions, custom software, system integration, healthcare information systems, e-governance platforms, cybersecurity, enterprise software, networking and managed services.

Its main verticals are healthcare, e-governance and telecom and broadband. Clients are mostly government entities and enterprises in India, with operations in Qatar. The company says it has executed more than 103 projects worth about ₹1,235 crore in aggregate, and it holds CMMI Level 5 and several ISO security certifications. It had 177 permanent staff and 107 consultants in June 2026.

Of the IPO money, ₹124 crore goes to working capital, ₹55.13 crore to acquisitions and strategic initiatives and ₹12.86 crore to capex.

The numbers behind the business

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

What these numbers tell us, in plain language:

• Steady growth. Revenue rose from ₹282 crore in FY24 to ₹400.5 crore in FY25 and ₹462.5 crore in FY26. Profit grew from ₹29.1 crore to ₹43.3 crore.
• Margins are healthy for IT projects. EBITDA margin was 14.4% and net margin 9.6% in FY26.
• Working capital is heavy. Total assets of ₹614 crore are larger than annual revenue, which typically reflects receivables from government clients. That is why more than half the IPO money goes to working capital.
• Fair valuation. Post-issue P/E is about 19.3x, with ROE of 30.2% and low debt (debt to equity 0.23).

How the subscription ended

Anchors put in ₹65.52 crore on 25 September. By the close on 30 September, QIBs had bid 91.84 times, NIIs 312.99 times and retail 63.70 times, for 125.16 times overall across 31.09 lakh applications.

The GMP story so far

The grey market premium was about ₹53 on 4 October, roughly 41% over the ₹130 issue price, pointing to a listing near ₹183.

How to check SRIT India IPO allotment status

1. Go to the KFin Technologies IPO allotment page, or the BSE or NSE allotment status page.
2. Select SRIT India from the list of issues.
3. Enter your PAN, application number or DP/Client ID.
4. Submit to see how many shares you were allotted.

The basis of allotment was finalised on 1 October 2026. Refunds and share credits to demat accounts are scheduled for 5 October, and shares list on BSE and NSE on 6 October.

The listing outlook

A strong listing looks likely given the demand and the GMP. Anchor lock-ins until 31 October and 30 December limit early selling. Longer term, the stock will trade on order wins and how quickly government receivables are collected.

What to weigh before you apply

Government clients, slow payments

Most of SRIT’s work comes from government and public-sector clients. They are reliable but slow to pay, which keeps working capital high and cash flow lumpy.

Acquisitions with IPO money

₹55 crore is set aside for acquisitions and strategic initiatives that have not been specified. How well that money is used will matter for future returns.

Strengths and risks

Strengths

• Subscribed 125.16 times with ₹65.52 crore from anchors
• Over 25 years of project history and CMMI Level 5 certification
• Revenue up 64% and profit up 49% in two years
• Post-issue P/E of about 19.3x and low debt
• Entirely fresh issue; no promoter is selling

Risks

• Heavy dependence on government and public-sector clients
• Large receivables and working-capital needs
• ₹55 crore earmarked for unspecified acquisitions
• Overseas exposure in Qatar
• A 41% GMP sets high expectations for listing day

Your chances of getting an allotment

• Retail investors bid 63.70 times their quota of about 51,130 lots. Each successful retail applicant gets one lot of 115 shares, so roughly one in 64 retail applicants will have received shares.
• Applying through multiple family PANs improves your odds; applying for more lots under one PAN does not.

What to watch from here

• Listing price on 6 October against ₹130
• New order wins in health IT and e-governance
• Receivable days in the first post-listing results
• Use of the ₹55 crore acquisition fund
• Anchor lock-in expiry on 31 October

SRIT India IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.