Bharat Highways InvIT vs SRM Contractors IPO

Comparision between Bharat Highways InvIT and SRM Contractors IPO.

IPO Details

Bharat Highways InvIT is a Mainline Book Built Issue IPO proposed to list at BSE, NSE while SRM Contractors IPO is a Mainline Book Built Issue proposed to list at BSE, NSE.

	Bharat Highways InvIT	SRM Contractors IPO
Logo
Issue Category	Mainline	Mainline
Issue Type	InvIT	IPO
Process Type	Book Built Issue	Book Built Issue
Listing At	BSE, NSE	BSE, NSE
Lead Managers	ICICI Securities Limited Axis Bank Limited Hdfc Bank Limited Iifl Securities Ltd	Interactive Financial Services Ltd
Registrar	Kfin Technologies Limited	Bigshare Services Pvt Ltd
Market Maker
DRHP		DRHP
RHP	RHP	RHP
Anchor Investor	Anchor Investor	Anchor Investor
IPO Allotment URL	IPO Allotment URL	IPO Allotment URL

Issue Size and Price

The total issue size of Bharat Highways InvIT is up to ₹2,500.00 Cr whereas the issue size of the SRM Contractors IPO is up to ₹130.20 Cr. The final issue price of Bharat Highways InvIT is ₹100.00 per share and of SRM Contractors IPO is ₹210.00 per share.

	Bharat Highways InvIT	SRM Contractors IPO
Face Value		₹10 per share
Issue Price (Lower)	₹98.00 per share	₹200.00 per share
Issue Price (Upper)	₹100.00 per share	₹210.00 per share
Issue Price (Final)	₹100.00 per share	₹210.00 per share
Discount (Retail)
Discount (Employee)
Market Lot Size	150 shares	70 shares
Fresh Issue Size	25,00,00,000 shares	62,00,000 shares
Fresh Issue Size (Amount)	up to ₹2,500.00 Cr	up to ₹130.20 Cr
OFS Issue Size
OFS Issue Size (Amount)
Issue Size Total	25,00,00,000 shares	62,00,000 shares
Issue Size Total (Amount)	up to ₹2,500.00 Cr	up to ₹130.20 Cr

IPO Timetable

Bharat Highways InvIT opens on Feb 28, 2024, while SRM Contractors IPO opens on Mar 26, 2024. The closing date of Bharat Highways InvIT and SRM Contractors IPO is Mar 01, 2024, and Mar 28, 2024, respectively.

	Bharat Highways InvIT	SRM Contractors IPO
Anchor Bid Date	Feb 27, 2024	Mar 22, 2024
Issue Open	Feb 28, 2024	Mar 26, 2024
Issue Close	Mar 01, 2024	Mar 28, 2024
Basis Of Allotment (Tentative)	Mar 06, 2024	Apr 01, 2024
Initiation of Refunds (Tentative)	Mar 07, 2024	Apr 02, 2024
Credit of Share (Tentative)	Mar 07, 2024	Apr 02, 2024
Listing date (Tentative)	Mar 12, 2024	Apr 03, 2024
Anchor Lockin End date 1	Apr 05, 2024	May 01, 2024
Anchor Lockin End date 2	Jun 04, 2024	Jun 30, 2024

Financials

Bharat Highways InvIT P/E ratio is , as compared to SRM Contractors IPO P/E ratio of 18.76.

Bharat Highways InvIT

SRM Contractors IPO

Financial

Bharat Highways Infrastructure Investment Trust Financial Information (Restated)

Bharat Highways Infrastructure Investment Trust's revenue decreased by -3.92% and profit after tax (PAT) rose by 738.34% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended	30 Sep 2023	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	5,916.80	6,056.28	5,536.40	4,943.95
Revenue	388.54	1,537.47	1,600.18	2,170.39
Profit After Tax	101.35	527.05	62.87	149.45
Amount in ₹ Crore

SRM Contractors Limited Financial Information (Restated Consolidated)

SRM Contractors Limited's revenue increased by 13.24% and profit after tax (PAT) rose by 6.71% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended	31 Dec 2023	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	168.87	137.36	120.22	112.47
Revenue	242.28	300.65	265.51	161.95
Profit After Tax	21.07	18.75	17.57	8.27
Net Worth	37.24	63.16	44.41	26.85
Reserves and Surplus	67.48	46.41	42.89	25.32
Total Borrowing	42.32	47.16	31.52	31.96
Amount in ₹ Crore

Promoter Shareholding (Pre-Issue)

99.92%

Promoter Shareholding (Post-Issue)

72.92%

P/E Ratio

18.76

Market Cap

₹481.83 Cr.

ROE

ROCE

29.43%%

Debt/Equity

0.5

EPS

₹11.20

RoNW

25.02%%

Shares Offered

In the Bharat Highways InvIT retail investors (RII) are offered 0 shares while in SRM Contractors IPO retail investors are offered 0 shares. Qualified institutional buyers (QIB) are offered 5,61,88,800 shares in Bharat Highways InvIT and 12,40,100 shares in SRM Contractors IPO.

	Bharat Highways InvIT	SRM Contractors IPO
Anchor Investor Reserveration	8,25,97,350 shares	18,59,900 shares
Market Maker Reserveration
QIB	5,61,88,800 shares	12,40,100 shares
NII	0 shares	9,30,000 shares
RII	0 shares	21,70,000 shares
Employee	0 shares	0 shares
Others
Total	10,30,12,800 shares	43,40,100 shares

Bids Received (Subscription)

Bharat Highways InvIT subscribed 6.74x in total, whereas SRM Contractors IPO subscribed 86.57x.

	Bharat Highways InvIT	SRM Contractors IPO
QIB (times)	6.59x	59.59x
NII (times)		214.94x
Big NII (times)		220.57x
Small NII (times)		203.67x
RII (times)		46.97x
Employee (times)
Other (times)	6.93x
Total (times)	6.74x	86.57x

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