Srinibas Pradhan Constructions IPO
smelistedAbout the company
Srinibas Pradhan Constructions is an Odisha-based infrastructure company engaged in construction of roads, highways, bridges and civil structures along with industrial buildings and maintenance works. The company executes projects largely through government tenders and private contracts which is supported by its wholly owned subsidiary which holds an A-class contractor license, allowing it to bid for higher-value projects. In FY25 out of total revenue, 70.23% came from road and bridge construction, 23.82% from industrial and other buildings, 5.53% from maintenance and a small contribution from equipment rental (0.42%). The business is largely B2B driven with 91.19% revenue came from non-government clients in FY25. Revenue is a mix of direct contracts (54.36%) and subcontracted work (45.64%). As of February 2026 the company’s order book stood at ₹184.07 crore with a mix of road, bridge, industrial and civil projects at different execution stages. These projects are secured through a structured tender process and executed using in-house capabilities which are supported by on-site laboratories for quality testing of materials like concrete, soil, and aggregates. The company follows an asset-light procurement model by sourcing raw materials such as cement, steel and aggregates from third parties.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 10 Mar | ₹0 | ₹98 | 0 |
| 09 Mar | ₹0 | ₹98 | 0 |
| 08 Mar | ₹0 | ₹98 | 0 |
| 07 Mar | ₹0 | ₹98 | 0 |
| 06 Mar | ₹0 | ₹98 | 0 |
| 05 Mar | ₹0 | ₹98 | 0 |
| 04 Mar | ₹0 | ₹98 | 0 |
| 03 Mar | ₹0 | ₹98 | 0 |
Strengths
- Operates in road, bridge, and civil infrastructure construction projects
- Strong execution track record in government and public sector projects
- Holds necessary licenses and registrations to participate in higher-value tenders
- ISO certifications reflecting quality and compliance standards
- Experienced management team with sector knowledge
- Growing order book supporting revenue visibility
- Revenue and profit growth in recent financial years
Risks
- Business operations largely concentrated in a single state
- Heavy dependence on government contracts and tender-based projects
- Revenue concentration from a limited number of clients
- Exposure to project delays, cost overruns, and execution risks
- Capital-intensive nature of construction business may strain cash flows
- Intense competition in infrastructure and EPC sector
- Working capital requirements may remain high
- SME listing may lead to lower liquidity and higher volatility
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed06 Mar 2026Bidding starts for all investor categories
IPO Closes
Completed10 Mar 2026Last day to place your bid
Basis of Allotment
Completed11 Mar 2026Share allotment finalised
Refund Initiation
Completed12 Mar 2026Refunds credited for non-allottees
Credit to Demat
Completed12 Mar 2026Allotted shares credited to demat account
Listing on Exchange
Completed13 Mar 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹117,600 | 1 | ₹117,600 | 1 lot only |
| HNI | 2 | 2400 | ₹235,200 | 2 | ₹235,200 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,058,201 | 10 | 0 | 0.00x | 100% |
| NII | 15% | 317,460 | 3 | 0 | 0.00x | 100% |
| Retail | 35% | 740,741 | 7 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
