SRIT IPO opened on a subdued note on September 28, 2026, with the overall subscription rate standing at 0.36x by the end of Day 1. Retail investors emerged as the strongest category, subscribing 0.63 times their allocated portion, while Qualified Institutional Buyers (QIBs) recorded zero subscription.

Subscription Status

The issue saw limited participation across all investor categories during the first day. The total subscription for the ₹14,145 crore to ₹5,00,000 crore issue (based on price band application) remained well below the one-times mark. Non-Institutional Investors (NII) also showed minimal interest, with small HNIs subscribing 0.48x and big HNIs at 0.13x.

Intra-day Timeline

The subscription data reflects the status as of the last update on the first day.

Offer Details

SRIT India Limited’s IPO is priced in a band of ₹123.00 to ₹130.00 per share. The minimum bid quantity is set at 115 shares. The issue opens on September 28, 2026, and closes on September 30, 2026.

• Price Band: ₹123.00 - ₹130.00
• Issue Size: ₹14,145 crore - ₹5,00,000 crore
• Min Bid Qty: 115 shares
• Open Date: 28-09-2026
• Close Date: 30-09-2026

About the Company

SRIT India Limited is a Bengaluru-headquartered IT/ITeS solutions provider with a 26-year track record. The company specializes in designing, implementing, and operating digital platforms for Government entities and Enterprises. Its core verticals include healthcare, electronic governance, and telecommunications & broadband. As of June 30, 2026, SRIT holds an outstanding Order Book of ₹12,047.17 million and is appraised at CMMI Level 5.

Financial Highlights

SRIT has demonstrated consistent revenue growth over the past three fiscal years. Revenue from operations grew from ₹271.09 crore in FY24 to ₹450.00 crore in FY26. Profit After Tax (PAT) increased from ₹29.08 crore to ₹43.29 crore during the same period.

Objects of the Issue

The company intends to utilize the net proceeds from the issue for the following purposes:

• Modernization of Products: Funding capital expenditure for modernizing existing software products like R-Converge and RHES, including IT infrastructure upgrades.
• Working Capital: Funding incremental working capital requirements arising from milestone-based payment structures in government contracts.
• Inorganic Growth: Strategic acquisitions and initiatives in verticals such as smart metering, AI, analytics, e-education, and health-tech.
• General Corporate Purposes: Marketing, salaries, rent, administration expenses, and technology upgrades.

Risk Factors

Investors should note the following material risks disclosed by the company:

• Government Dependence: Approximately 89.41% of revenue from operations in FY26 was derived from government entity tenders.
• Customer Concentration: The top ten customers accounted for approximately 89.36% of total revenue from operations in FY26.
• Sub-contractor Reliance: Sub-contracting and technical fees represented 78.92% of total expenses in FY26, with 59% of revenue executed through third-party subcontractors.
• Receivables Risk: Trade receivables and contract assets constituted approximately 63.27% of total assets as of FY26, exposing the company to liquidity risks if collections are delayed.