Srinibas Pradhan Constructions IPO
Srinibas Pradhan Constructions Limitedsrinibaspradhan.com
- Price band
- ₹91 – ₹98
- Issue size
- ₹20.32 Cr
- Lot size
- 1200 sh
- Bidding
- 6 – 10 Mar
- Grey market
- —
Face value ₹10.00
83% fresh capital
Lists 13 Mar 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
63% of the scoring model was backed by disclosed data for Srinibas Pradhan Constructions, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2001 · Belpahar, Jharsuguda district, Odisha, India · 154 employees
Srinibas Pradhan Constructions builds roads, bridges and buildings in Odisha. Its work covers rural, major district and urban roads, high-level bridges, steel structures and sheds, and civil work for factories and industrial facilities, plus annual maintenance contracts and hire of its own machinery. It wins work by bidding in government and corporate tenders, and its customers are Odisha state government departments, state and central public sector undertakings, and private firms and companies. The company holds a Class 'B' PWD contractor registration in Odisha; its wholly-owned subsidiary Srinibas Pradhan Infra Private Limited holds a Class 'A' registration, which allows bidding for higher-value tenders. All revenue comes from Odisha. It had 154 full-time employees on 31 January 2026 and a consolidated order book of Rs 184.07 crore on 15 February 2026.
Revenue is billing on construction contracts won through competitive tenders. In FY25, road and bridge work was 70.23% of Rs 89.68 crore of consolidated revenue from operations and industrial buildings 23.82%. Government bodies and PSUs supplied just 8.81% of that revenue; private firms and individuals supplied 91.19%, and 45.64% came as sub-contracts from other contractors rather than direct awards. Construction and operating expenses were Rs 71.07 crore, so margin turns on input and sub-contract costs. Billing is back-loaded — the fourth quarter was 47.88% of the parent's standalone revenue in FY25 — which stretches receivables and sets the working-capital need the Rs 11.55 crore working-capital object part-funds.
The company on paper
- Legal name
- Srinibas Pradhan Constructions Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 25 Sep 2020trading as Srinibas Pradhan Constructions since 2001
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U45201OR2020PLC034275
- Sector
- Industrials · Civil construction of roads, bridges and industrial buildings in Odisha
- Employees
- 154
- Registered office
- Belpahar, Jharsuguda district, Odisha, India
- Promoters
- Ramakanta Pradhan, Srinibas Pradhan, Jyotshna Pradhan
- Promoter holding, pre-issue
- 85.3%
- Promoter holding, post-issue
- 62.1%
- Website
- srinibaspradhan.com
The numbers
Financial performance
Revenue has compounded at 20.1% a year across the 4 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
83% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹16.79 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹3.53 Cr
- Total issue size
- ₹20.32 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,04,400
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 23.2% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹98.00
- Listed at
- ₹100.05
- Listing gain
- up 2.1%
- Since listing
- up 107.4%
- Against the issue price
- up 111.7%
Trading at ₹207.50 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,400
- At cut-off price
- ₹98.00
- Amount blocked
- ₹2,35,200
One lot is 1200 shares at ₹1,17,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,35,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~100%
chance of one lot, per application
- Retail subscription
- 0.69×
- Applicants per share available
- 0.7× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹100.05
listed at, 2.1% against the issue price
- Issue price
- ₹98.00
- Premium said
- —
- If allotted 1200 shares
- ₹2,460
Listing-day figures are as reported by the exchanges.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- FY24 and FY25 are not like-for-like. Wholly-owned subsidiary Srinibas Pradhan Infra Private Limited was incorporated on 16 January 2024 and took over the promoter's proprietorship firm M/s Srinibas Pradhan on shareholder approval dated 11 March 2024. FY23 contains none of that business and FY24 only a few weeks of it, so much of the jump from Rs 35.27 crore to Rs 89.68 crore in FY25 revenue is the acquired business arriving for a full year rather than organic growth.
- The H1FY26 row is a six-month stub period to 30 September 2025, not an annual period. Its revenue, EBITDA and PAT are not comparable with the full years above it; net worth and total borrowings in that row are balance-sheet positions as at that date.
- The Q4 seasonality figure quoted in businessModel (47.88% of FY25 revenue) is disclosed in the RHP on a STANDALONE basis, against standalone revenue from operations of Rs 38.28 crore — not against the Rs 89.68 crore consolidated revenue shown in the financials table. The two bases must not be mixed.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Novus Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Maashitla Securities Private Limited
How these figures were checked
Reconciled to Srinibas Pradhan Constructions's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Srinibas Pradhan Constructions Limited — Red Herring Prospectus dated 26 February 2026 (NSE Emerge archives, 444pp) · read 16 Oct 2026
- NSE cash-market bhavcopy, 13 March 2026 (listing day; SPCON series ST row — ISIN, open/high/low/close, NewBrdLotQty) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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