Srinibas Pradhan Constructions IPO Opens March 6 As SME Builder Seeks ₹20 Crore Expansion Funding

Srinibas Pradhan Constructions Limited is scheduled to open its book-built SME initial public offering (IPO) on March 6, 2026, with subscription closing on March 10, 2026, according to the company’s issue details. The construction company aims to raise approximately ₹20 crore through a mix of fresh issue and offer for sale, with shares proposed to list on the NSE SME platform on March 13, 2026.

The IPO comes as the Odisha-based infrastructure contractor reports steady growth in revenue and profitability over recent financial years, alongside an increase in project execution scale.

IPO Structure And Price Band

The Srinibas Pradhan Constructions IPO is a book-building issue of about ₹20.32 crore comprising both fresh equity issuance and an offer for sale by existing shareholders.

The price band has been fixed at ₹91 to ₹98 per share, with a face value of ₹10 per share. Investors can apply in lot sizes of 1,200 shares, translating to a minimum investment of ₹2,35,200 for retail participants at the upper price band.

The total issue consists of 20,73,600 shares, including:

• Fresh issue: 16,09,200 shares (approximately ₹16 crore)
• Offer for sale: 3,60,000 shares (approximately ₹4 crore)
• Market maker reservation: 1,04,400 shares

Following the offering, the company’s post-issue shareholding is expected to rise to 78,60,997 shares, from 61,47,397 shares pre-issue.

IPO Reservation And Investor Categories

The issue has a defined allocation across investor classes under the SME listing framework.

Out of the net issue:

• Retail investors: 9,74,400 shares (46.99%)
• Non-institutional investors (NII/HNI): 9,75,600 shares (47.05%)
• Qualified institutional buyers (QIB): 19,200 shares (0.93%)
• Market maker allocation: 1,04,400 shares (5.03%)

For the HNI category, the minimum application begins at 3 lots (3,600 shares) requiring approximately ₹3,52,800 at the upper band.

Financial Performance Snapshot

According to the company’s restated consolidated financial statements, Srinibas Pradhan Constructions has reported a multi-year rise in income and profitability.

For the financial period ended March 31, 2025, the company recorded:

• Total income: ₹89.73 crore
• Profit after tax: ₹6.59 crore
• EBITDA: ₹13.01 crore

In comparison, total income stood at ₹35.27 crore in FY24 and ₹26.35 crore in FY23, while profit after tax was ₹3.55 crore and ₹1.48 crore respectively.

As of September 30, 2025, the company reported total assets of ₹56.67 crore and net worth of ₹22.01 crore. Total borrowings were reported at ₹17.17 crore.

IPO Timeline And Key Intermediaries

The tentative schedule for the IPO process is as follows:

• IPO open: 6 March 2026
• IPO close: 10 March 2026
• Allotment finalisation: 11 March 2026
• Refund initiation: 12 March 2026
• Shares credited to demat: 12 March 2026
• Listing date: 13 March 2026

Novus Capital Advisors Private Limited is acting as the book-running lead manager, while Maashitla Securities Pvt. Ltd. has been appointed as the registrar to the issue. Rikhav Securities Ltd. will serve as the market maker.

The company’s shares are proposed to be listed on the NSE SME platform, which caters primarily to small and medium-sized enterprises seeking capital market access.