SRIT India IPO 2026: Price Band, Dates, GMP, Review
Bengaluru-based IT services company SRIT India has opened its ₹218.4 crore mainboard IPO for public subscription today, 28 September 2026. The issue is a pure fresh issue of 1.68 crore equity shares — no offer for sale — and will be listed on both the NSE and BSE.
Ahead of the opening, the company raised ₹65.52 crore from anchor investors on 25 September, allotting 50.4 lakh shares at ₹130 apiece — the upper end of the price band — signalling reasonable institutional interest.
SRIT India IPO Details
| Particular | Detail |
|---|---|
| Issue type | Mainboard IPO (book-built), 100% fresh issue |
| Issue size | ₹218.40 crore (1.68 crore shares) |
| Price band | ₹123–₹130 per share |
| Face value | ₹5 per share |
| Lot size | 115 shares |
| Minimum retail investment | ₹14,950 (1 lot at ₹130) |
| Retail category share | 35% |
| QIB category share | 50% |
| NII category share | 15% |
| Listing exchange | NSE & BSE |
| Book-running lead manager | Choice Capital Advisors |
| Registrar | KFin Technologies |
SRIT India IPO Dates (tentative)
| Event | Date |
|---|---|
| IPO opens | 28 September 2026 |
| IPO closes | 30 September 2026 |
| Basis of allotment | 1 October 2026 |
| Refunds initiation | 5 October 2026 |
| Demat credit | 5 October 2026 |
| Listing date | 6 October 2026 |
Once the basis of allotment is finalised, investors will be able to check allotment status via the registrar's portal or the exchange websites.
About SRIT India: What the Company Does
Founded in 1999, SRIT India is a Bengaluru-headquartered IT and IT-enabled services company that designs, builds and operates digital platforms for government entities and enterprises. The business rests on three verticals:
- Electronic Governance — the dominant vertical, contributing 68.39% of FY2026 revenue. The company builds digital public-service platforms for government bodies.
- Healthcare — hospital information systems and health-tech platforms.
- Telecommunications & Broadband — system integration and managed services.
The company holds CMMI Level 5 appraisal and ISO/IEC 27001:2022 certification, and reports an outstanding order book of ₹1,204.72 crore as of 30 June 2026 — roughly 2.7x its FY2026 revenue, giving it strong revenue visibility.
Domestic business accounts for 94.03% of revenue; the company also operates in Qatar, the UAE, Nigeria, Zambia, Bahrain, Oman and Myanmar.
SRIT India IPO Financials
| Particular (₹ crore) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from operations | 271.09 | 389.35 | 450.00 |
| Total revenue | 282.22 | 400.50 | 462.54 |
| Profit before tax | 38.34 | 46.19 | 54.95 |
| Profit after tax (PAT) | 29.08 | 33.60 | 43.29 |
| Total assets | 428.96 | 496.64 | 614.16 |
| Total equity | 81.09 | 93.74 | 193.84 |
Revenue has compounded at 28.84% CAGR over FY2024–FY2026, while PAT grew at a 22.02% CAGR to ₹43.29 crore. The debt-to-equity ratio stands at a conservative 0.23.
One watchpoint: operating cash flow turned negative at ₹-12.10 crore in FY2026, attributed to working-capital-intensive government contracts with milestone-based billing. Notably, the largest planned use of IPO proceeds is ₹124 crore towards incremental working capital — directly addressing this gap.
How the IPO Money Will Be Used
- ₹124 crore — incremental working capital requirements (milestone-based government contracts)
- ₹12.87 crore — capital expenditure: modernisation of existing products, platform redevelopment (including AI enhancements), IT infrastructure and hiring
- Inorganic growth — strategic acquisitions in smart metering, AI, analytics, e-education and health-tech
- General corporate purposes
SRIT India IPO GMP Today
In the grey market, SRIT India's shares were trading at a premium of around ₹33 — about 25.4% over the upper price band of ₹130 — indicating an estimated listing price near ₹163. For day-wise live GMP updates across all active IPOs, track our morning GMP roundup.
GMP is unofficial, market-reported data and is subject to change. It is not an indicator of the company's official valuation or the final listing price.
Key Strengths
- 26-year track record in e-governance and systems integration with CMMI Level 5 appraisal
- Robust order book of ₹1,204.72 crore providing multi-year revenue visibility
- Strong revenue CAGR of 28.84% with a healthy, low-leverage balance sheet (D/E 0.23)
- Pure fresh issue — 100% of proceeds flow into the company, no promoter selling
Key Risks
- Heavy government dependence: 89.41% of FY2026 revenue came from government tenders
- Customer concentration: the top 10 customers accounted for 89.36% of revenue
- Sub-contracting reliance: 78.92% of total expenses were sub-contracting and technical fees
- Negative operating cash flow in FY2026; working capital remains structurally demanding
- Employee attrition rose to 33.63% in FY2026
Review: Should You Apply for the SRIT India IPO?
SRIT India offers a profitable, growing play on India's government digitisation push, backed by a deep order book and a zero-OFS issue structure — every rupee raised goes into the business. The anchor allocation at the upper price band suggests institutional comfort with the valuation.
The counterweights are real: near-total dependence on government contracts, high customer concentration and a working-capital-heavy model that turned operating cash flow negative in FY2026. This is a medium-to-high risk issue best suited to investors comfortable with government-business volatility; watch the subscription trend and grey market movement before bidding on Day 3.
FAQs
When does the SRIT India IPO open?
The IPO opens for subscription on 28 September 2026 and closes on 30 September 2026.
What is the SRIT India IPO price band?
The price band is ₹123–₹130 per share with a face value of ₹5.
What is the lot size for the SRIT India IPO?
The lot size is 115 shares, requiring a minimum retail investment of ₹14,950 at the upper price band.
When will SRIT India shares be allotted and listed?
Allotment is expected on 1 October 2026 and listing on NSE and BSE is expected on 6 October 2026.
Is there any offer for sale in the SRIT India IPO?
No. The ₹218.4 crore issue is a pure fresh issue of 1.68 crore shares; no promoter or investor is selling.
What is the SRIT India IPO GMP today?
Market sources report a grey market premium of around ₹33 (≈25.4% over the ₹130 upper band). GMP is unofficial and subject to change.
Conclusion
The SRIT India IPO (28–30 September 2026) brings a profitable, government-digitalisation-focused IT services company to the market with a clean ₹218.4 crore fresh issue at ₹123–130 per share. Strong order-book visibility and low leverage are genuine positives; government dependence and working-capital intensity are the key risks. Investors should track live subscription data and the unofficial grey market premium through 30 September before deciding.