Syrma SGS IPO to open on August 12; sets price band at Rs 209-220 share

Electronics manufacturing services (EMS) firm Syrma SGS Technology on Monday fixed a price band at Rs 209-220 per equity share for initial public offer which will open for subscription on August 12. The public offer will close on Thursday, August 18, 2022. Investors can bid for a minimum of 68 equity shares and in multiples of 68 equity shares thereafter.

The IPO consists of a fresh issue of equity shares aggregating to Rs 766 crore and an offer for sale of up to 3,369,360 equity shares. The offer is being made through the book building process, wherein not more than 50 per cent of the offer shall be available for allocation to qualified institutional buyers, not less than 15 per cent of the offer shall be available for allocation to non-institutional bidders and not less than 35 per cent of the offer shall be available for allocation to retail individual bidders.

Promoted and led by Sandeep Tandon and Jasbir Singh Gujral, Syrma SGS, is a technology-focused engineering and design company engaged in turnkey EMS specialised in precision manufacturing.

Its marquee customers include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes, CyanConnode, Atomberg Technologies and Total Power Europe BV.

The companies aggregated wallet share from its top 10 and top 20 customers increased by CAGR of 26.20 per cent and 25.79 per cent, respectively from FY20 to FY22.

It currently operates through eleven strategically located manufacturing facilities in North India (Himachal Pradesh, Haryana and Uttar Pradesh) and South India (Tamil Nadu and Karnataka) and three dedicated R&D facilities, two of which are located in India at Chennai, Tamil Nadu and Gurgaon, Haryana respectively, and one is located in Stuttgart, Germany.

Dam Capital Advisors, ICICI Securities, and IIFL Securities are the book running lead manager to the issue and Link Intime India is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.