The SRIT India listing price is ₹148 on the NSE. That is 13.85% above the issue price of ₹130, on 6 October 2026. The ₹218.4 crore IPO had closed at 125.16 times on 30 September, and the grey market was last quoting ₹61 (46.92%).
What one lot did
One lot of SRIT India is 115 shares, which cost ₹14,950 at the issue price. At the opening price the same lot was worth ₹17,020, a gain of ₹2,070 on paper. Anyone who got shares can sell from the first minute of trading or hold them. Nothing forces a decision on day one.
Was the grey market right?
The last grey market quote of ₹61 pointed to a listing near ₹191, and the stock opened ₹43 below that. The last quote of ₹61 (46.92%) pointed to an open around ₹191, and the actual open was ₹43 below that mark.
The premium had held a tight range all week on our live GMP tracker.
| Date | GMP | Premium over ₹130 |
|---|---|---|
| 30 September 2026 | ₹48 | 36.92% |
| 1 October 2026 | ₹47 | 36.15% |
| 2 October 2026 | ₹53 | 40.77% |
| 3 October 2026 | ₹52 | 40.00% |
| 4 October 2026 | ₹50 | 38.46% |
| 5 October 2026 | ₹55 | 42.31% |
Treat that column the way the market does. GMP is an unofficial quote traded between dealers before listing, not an exchange price. On the last 10 mainboard listings before this one, the final GMP was off by 10.38 percentage points on average, with a median miss of 4.5 points. It overstated the listing gain four times and understated it six times.
How the book was built
The issue was open from 28 to 30 September 2026 at a band of ₹123 to ₹130, and allotment was done on 1 October. At 125.16 times it was the 14th most subscribed of the 99 mainboard IPOs that closed in 2026, against a median of 24.96 times for the year.
| Category | Times subscribed |
|---|---|
| Qualified institutional buyers | 91.84x |
| Non-institutional, big (above ₹10 lakh) | 355.80x |
| Non-institutional, small | 227.37x |
| Non-institutional, total | 312.99x |
| Retail | 63.70x |
| Total | 125.16x |
The two non-institutional rows are the ones to read first. Wealthy individual investors bid 355.80 times their big-ticket portion and 227.37 times the smaller one, often with money borrowed for a few days. That funding cost has to be covered quickly, so this group usually sells into the first hours of trading. Retail bid 63.70 times, which works out to roughly one application in 64 getting a lot. QIBs stopped at 91.84 times.
The issue was managed by Choice Capital Advisors, with KFin Technologies as registrar. Applications that did not get shares had their blocked funds released on 5 October, so the money is back in those bank accounts.
What SRIT India does
SRIT India was started in September 1999 and works out of Bengaluru. It builds and runs software for government departments and large companies: hospital and health information systems, e-governance platforms for state departments, and telecom, broadband and fibre network work. Around those three it sells cybersecurity, enterprise software, system integration and managed services, and has started adding AI-based products.
The company has 26 years behind it, and that record is the main thing it sells. State technology contracts are repeat business: a department that has already audited a vendor and seen a platform go live tends to hand it the next phase of the same project. The flip side is concentration. Most of the order book comes from government bodies, whose budgets move with the political calendar, and a single disputed contract can hold up payment for quarters.
Revenue and profit have risen for three straight years.
| ₹ crore | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total income | 282.22 | 400.50 | 462.54 |
| EBITDA | 40.99 | 49.81 | 64.77 |
| Profit after tax | 29.08 | 33.60 | 43.29 |
| Net worth | 80.47 | 93.17 | 193.27 |
| Total borrowing | 22.28 | 51.30 | 36.15 |
At ₹130 the issue valued the company at 19.29 times FY2026 earnings of ₹6.74 a share, with a return on net worth of 30.23 per cent and debt to equity of 0.23. The whole ₹218.4 crore was fresh capital, so the money goes to the company and nothing to the founders. Of it, ₹124 crore is earmarked for working capital and ₹12.86 crore for modernising products. The rest is for acquisitions that have not been named yet and for general corporate purposes. Promoter holding drops from 84.91 per cent to 62.71 per cent.
That working capital line is the heart of the business model. Government work is won on tenders and paid slowly, so completed projects sit as receivables while salaries go out every month. Net worth also more than doubled in FY2026, from ₹93.17 crore to ₹193.27 crore, so the older return ratios are not directly comparable with the latest ones.
How 2026 listings have gone
Of the 96 mainboard IPOs that listed in 2026 before this one, 63 opened above their issue price and the median listing gain was 7.04 per cent. Our mainboard listing performance table keeps the full record, issue price against listing price, for every one of them.
What happens next
Shares were credited to demat accounts and refunds sent on 5 October 2026. SRIT India now trades on both the BSE and the NSE like any other listed stock, and the next scheduled disclosure is its first quarterly result as a listed company. The 30-day anchor lock-in and the longer 90-day one come after that, dates we track for every recent IPO on our SRIT India IPO page.
One number is worth holding on to from today. The issue came at a market capitalisation of about ₹835.53 crore at ₹130. Whatever the screen says now, that is the base the market was asked to pay for a company earning ₹43.29 crore a year.
Frequently asked questions
What is the SRIT India IPO listing price?
₹148 on the NSE on 6 October 2026, against an issue price of ₹130.
What was the SRIT India IPO subscription?
125.16 times overall: QIB 91.84x, non-institutional 312.99x and retail 63.70x.
What was the SRIT India IPO lot size?
115 shares, which cost ₹14,950 at the ₹130 issue price.
