The subscription for the Srinibas Pradhan Constructions IPO will officially open on Friday, March 6, 2026, and is scheduled to close on Tuesday, March 10, 2026. The company has established a price band of ₹91 to ₹98 per equity share. As an SME issue, the lot size is set at 1,200 shares, meaning retail investors must bid for a minimum of 2 lots (2,400 shares), requiring a total investment of ₹2,35,200.
SPCL is primarily engaged in the construction of roads, highways, and bridges across Odisha. It operates through a strategic "A-class" contractor license held by its subsidiary, which allows the group to participate in high-value government projects. The company’s financial health has shown significant momentum:
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FY25 Revenue: Reported at ₹89.73 crore.
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FY25 Profit After Tax (PAT): ₹6.59 crore (up from ₹3.55 crore in FY24).
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Growth Trend: The company has maintained a 3-year revenue CAGR of over 84%, significantly outperforming the broader construction sector average.
Of the total issue, ₹16.79 crore is a fresh issue that will be utilized for working capital and loan repayment, while ₹3.53 crore represents an exit for promoters via an OFS.
Key IPO Details & Timetable
| Feature | Details |
| Price Band | ₹91 – ₹98 per share |
| Min. Investment (Retail) | ₹2,35,200 (2,400 Shares / 2 Lots) |
| Issue Size | ₹20.32 Crore (Fresh: ₹16.79Cr |
| Today's Status (March 5) | Pre-Open (Subscription starts tomorrow) |
| Opening Date | March 6, 2026 (Friday) |
| Closing Date | March 10, 2026 (Tuesday) |
| Listing Date | March 13, 2026 (NSE SME) |
Important Real News & Today’s Insights
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Grey Market Status: As of today, the GMP (Grey Market Premium) is currently at ₹0. Market observers note that while the company's growth is strong, the "aggressive" pricing (P/E of ~9.37x on post-issue equity) and the 100% geographic concentration in Odisha have kept the grey market cautious.
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Order Book Strength: Today's latest financial disclosures highlight a consolidated order book of ₹184.07 crore as of February 2026. This provides revenue visibility for at least the next two fiscal years.
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Geographic Risk: A critical point for investors today is the company's 100% dependence on Odisha. Any change in the state’s infrastructure policy or regional economic shifts could directly impact SPCL's bottom line.
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High Efficiency: The company reported a Return on Equity (ROE) of 21.67% for the half-year ending Sept 2025. While this is lower than the 55% recorded in FY25 (due to capital expansion), it remains healthy for the construction industry.
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Lead Manager Track Record: The issue is being managed by Novus Capital Advisors. Investors are closely watching the opening day subscription tomorrow to see if institutional interest (NII/HNI) picks up the slack for the relatively high retail entry barrier of ₹2.35 lakh.
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