Srinibas Pradhan Constructions IPO is a book build SME issue of Rs. 20.32 crore, comprising a fresh issue of 17,13,600 equity shares aggregating to Rs. 16.79 crore and an offer for sale of 3,60,000 equity shares aggregating to Rs. 3.53 crore.
The IPO opens on March 6, 2026, and closes on March 10, 2026. The allotment is expected on March 11, 2026, and the listing is tentatively scheduled for March 13, 2026 on NSE SME.
The IPO is offered at a price band of Rs. 91 – Rs. 98 per share, and the lot size is 1,200 shares. The minimum investment for retail investors is Rs. 2,35,200 (2,400 shares) (based on upper price), and for HNI investors, Rs. 3,52,800 (3,600 shares).
Lead Manager: Novus Capital Advisors Private Limited
Registrar: Maashitla Securities Pvt. Ltd.
Market Maker: Rikhav Securities Ltd.
🕗 Last Update: 28 February 2026, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | March 6, 2026 |
| IPO Close Date | March 10, 2026 |
| Allotment Date | March 11, 2026 |
| Refunds Initiation | March 12, 2026 |
| Credit to Demat | March 12, 2026 |
| Listing Date | March 13, 2026 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 91 – Rs. 98 |
| Lot Size | 1,200 shares |
| Sale Type | Fresh Issue & OFS |
| Total Issue Size | 20,73,600 shares (Rs. 20.32 Cr) |
| Market Maker Portion | 1,04,400 shares (Rs. 1.02 Cr) – Rikhav Securities Ltd. |
| Net Offer to Public | 19,69,200 shares (Rs. 19.30 Cr) |
| Issue Type | Book Building Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 61,47,397 shares |
| Shareholding Post-Issue | 78,60,997 shares |
| Market Cap (Pre-IPO) | Rs. 77.04 Cr |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| QIB | 19,200 | 0.93% |
| NII (HNI) | 9,75,600 | 47.05% |
| Retail Individual Investors | 9,74,400 | 46.99% |
| Market Maker | 1,04,400 | 5.03% |
| Total | 20,73,600 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 2,400 | 2,35,200 |
| S-HNI (Min) | 3 | 3,600 | 3,52,800 |
| S-HNI (Max) | 8 | 9,600 | 9,40,800 |
| B-HNI (Min) | 9 | 10,800 | 10,58,400 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 85.27% |
| Promoter Holding Post-Issue | – |
Promoters: Mr. Ramakanta Pradhan and Mr. Srinibas Pradhan.
About Srinibas Pradhan Constructions Ltd.
Incorporated in 2020, Srinibas Pradhan Constructions Ltd. operates in the infrastructure and utilities sector, focusing on roads, highways, bridges, electricity infrastructure and mining-related projects.
The company undertakes construction of rural and urban roads, major district roads, high-level bridges, steel structures, irrigation works and civil infrastructure projects including factories and industrial buildings. It participates in competitive bidding for projects primarily in Odisha for state government departments, PSUs and private clients.
As on February 15, 2026, the company reported a consolidated order book of Rs. 184.07 crore, indicating visibility of near-term execution pipeline.
Business Model:
EPC Infrastructure Contracts
Road & Bridge Construction
Civil & Industrial Projects Execution
Competitive Strengths:
Established regional reputation
Experienced execution team
Backward integration capabilities
Diversified infrastructure portfolio
Company Financials (Rs. crore – Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 56.67 | 55.76 | 20.83 | 6.50 |
| Total Income | 45.63 | 89.73 | 35.27 | 26.35 |
| Profit After Tax | 4.11 | 6.59 | 3.55 | 1.48 |
| EBITDA | 7.64 | 13.01 | 5.58 | 2.15 |
| Net Worth | 22.01 | 15.91 | 7.72 | 2.67 |
| Reserves & Surplus | 15.87 | 11.55 | 3.57 | 2.57 |
| Total Borrowings | 17.17 | 17.25 | 1.88 | 0.06 |
Objects of the Issue (Rs. crore)
| S.No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Funding Working Capital Requirements | 11.55 |
| 2 | Repayment of Loan | 1.00 |
| 3 | General Corporate Purpose | Balance |
| Total | 12.55 |
Key Performance Indicators
| KPI | 30 Sep 2025 | 31 Mar 2025 |
|---|---|---|
| ROE | 21.67% | 55.76% |
| ROCE | 29.79% | 71.01% |
| Debt/Equity | 0.78 | 1.08 |
| RoNW | 21.67% | 55.76% |
| PAT Margin | 9.01% | 7.34% |
| EBITDA Margin | 16.76% | 14.50% |
| Price to Book Value | 3.58 | 3.58 |
IPO Valuation Metrics
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 10.71 | 10.45 |
| P/E (x) | 9.15 | 9.37 |
| Market Cap (Rs. Cr.) | 77.04 | – |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | Srinibas Pradhan Constructions Ltd. |
| Address | C/O- Srinibas Pradhan, Near Chuakani Po-Lamtibaha, Jharsuguda, Odisha – 768216 |
| Phone | +91 6645 251105 |
| cs@srinibaspradhan.com |
IPO Lead Manager(s)
| Particulars | Details |
|---|---|
| Lead Manager | Novus Capital Advisors Private Limited |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Maashitla Securities Pvt. Ltd. |
| Phone | +91-11-45121795-96 |
| Investor.ipo@maashitla.com | |
| Website | Visit Website |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | Srinibas Pradhan Constructions operates in the EPC infrastructure segment with exposure to roads, bridges and civil projects primarily in Odisha. The order book provides short-term revenue visibility; however, the business remains execution and working capital intensive. Investors should monitor order inflow sustainability, margin stability and debt levels. |
| Chanakya View | APPLY WITH CAUTION – suitable for investors comfortable with SME liquidity risk and infrastructure execution dynamics. |
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.