SRS IPO fully subscribed 1.25 times on last day of issue

MUMBAI: The initial public offer (IPO) of SRS Ltd, a company into cinema exhibition, food and retail, was over subscribed 1.25 times on the last day of the issue on Friday.

The company's IPO received bids for 4.3 crore shares till 1700 hours on the final day of the issue, as against 3.5 crore shares on offer, as per the data available on the National Stock Exchange.

SRS entered the capital markets with an IPO price band of Rs 58-65 per equity share. The issue opened for subscription on August 23.

The company aims to raise Rs 225 crore. The proceeds from the public issue will be utilised to set up theatres, food courts, restaurants, retail stores, (and a) jewellery manufacturing facility.

At present, the firm operates 23 SRS Value Bazaar retail stores, 15 food courts and 30 cinema screens in North India.

The company also operates five jewellery retail and wholesale outlets, and a jewellery manufacturing unit in Delhi.

Karvy Investor Services, IDBI Capital Market Services and SPA Merchant Bankers are the book running lead managers for the issue.