ETMarkets.comThe public issue of Syrma SGS Technology, the first in nearly three months, was subscribed nearly 33 times on the fourth and final day of bidding on Thursday led by strong demand from institutional investors. According to stock exchange data, the issue received bids for 93.15 crore shares against the 2.86 crore shares on offer. The ₹840-crore issue mobilised demand worth ₹19,400 crore.
The qualified institutional buyers' portion was undersubscribed 87.56 times, while the portion reserved for high-net-worth individuals was subscribed 17.5 times. The retail investors' portion received bids for 5.53 times the shares set aside for them.
"Strong response to Syrma SGS public issue will hopefully open up the IPO market which has been shut for a long time," said Dharmesh Mehta, MD, DAM Capital Advisors, the lead banker for the issue. "A good company at a decent valuation will always have a strong appetite."
The qualified institutional buyers' portion was undersubscribed 87.56 times, while the portion reserved for high-net-worth individuals was subscribed 17.5 times. The retail investors' portion received bids for 5.53 times the shares set aside for them.
"Strong response to Syrma SGS public issue will hopefully open up the IPO market which has been shut for a long time," said Dharmesh Mehta, MD, DAM Capital Advisors, the lead banker for the issue. "A good company at a decent valuation will always have a strong appetite."
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