Syrma SGS Technology IPO: Latest GMP ahead of shares listing
Premium- Syrma SGS Tech IPO was subscribed 32.61 times on the final day of its public issue
The Initial Public Offer (IPO) of Syrma SGS Technology was subscribed 32.61 times on the final day that closed last week on Thursday. The ₹840 crore-IPO received bids for 93,14,84,536 shares against 2,85,63,816 shares on offer.
Syrma SGS Technology 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 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.
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 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 for the initial share sale. DAM Capital Advisors, ICICI Securities, and IIFL Securities were the book-running lead managers for the offer.
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The finalization of basis of share allotment of Syrma SGS Technology IPO was done on Wednesday and then the credit of shares to demat account of the bidders will be done on Thursday, August 25.
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