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The Initial Public Offer (IPO) of Syrma SGS Technology was subscribed 32.61 times on the final day on Thursday. The ₹840 crore-IPO received bids for 93,14,84,536 shares against 2,85,63,816 shares on offer. The IPO had a fresh issue of equity shares aggregating to ₹766 crore and an offer for sale of up to 33,69,360 equity shares.
The initial share sale was priced in the range of ₹209-220 per share. Ahead of its public issue, Syrma SGS Technology had raised ₹252 crore from anchor investors.
The category for Qualified Institutional Buyers (QIBs) received 87.56 times subscription, non institutional investors was subscribed 17.50 times and Retail Individual Investors (RIIs) 5.53 times. DAM Capital Advisors, ICICI Securities, and IIFL Securities were the book-running lead managers for the offer.
The finalization of basis of share allotment of Syrma SGS Technology IPO is expected to take place on August 23, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Thursday, August 25. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here.
Shares of Syrma SGS Tech are commanding a premium (GMP) of ₹48 in the grey market today, as per market observers. The shares of the company are expected to list on stock exchanges BSE and NSE this week on Friday, August 26, 2022.
Syrma SGS Technology, incorporated in 2004, is a Chennai-based technology-focused engineering and design company engaged in turnkey Electronics Manufacturing Services (EMS). Its customers include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes and Total Power Europe BV.
It operates through eleven manufacturing facilities in Himachal Pradesh, Haryana, Uttar Pradesh, Tamil Nadu and Karnataka and has three R&D facilities which are located in Tamil Nadu, Haryana, and Germany.
The company said that the net proceeds from the fresh issue will be utilised for funding capital expenditure requirements to expand manufacturing, R&D facilities, long-term working capital requirements and general corporate purposes.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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