Categories: Tech News

Syrma SGS Tech IPO (public offering) 92% subscribed on day 2

Syrma SGS Tech IPO subscribed 92 PCs on Day 2

New Delhi:

Syrma SGS Technology’s initial public offering was 92% subscribed on the second day of the offering on Tuesday.

The offer drew bids for 2,62,69,148 shares against 2,85,63,816 shares being offered, according to NSE data.

The retail individual investor (RII) portion received 1.56 times the bids and the non-institutional investor category was 74% subscribed.

The IPO has a fresh issue of equity shares totaling Rs 766 crore and an offer for sale of up to 33,69,360 equity shares.

The offer price range is Rs 209-220 per share.

Syrma SGS Technology raised Rs 252 crore from anchor investors on Thursday.

It is the first company to take advantage of the primary market in two and a half months. Before that, Aether Industries’ IPO was open for public subscription from May 24 to 26.

At the higher end of the price band, the initial share sale is expected to reach Rs 840 crore.

The net proceeds of the new issue will be used to fund capital expenditure requirements to expand manufacturing, R&D facilities, long-term working capital requirements and general corporate objectives.

DAM Capital Advisors, ICICI Securities and IIFL Securities are the lead managers of the offering.

Syrma SGS is a technology-focused engineering and design company engaged in turnkey electronics manufacturing (EMS) services. Its clients include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes and Total Power Europe BV.


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