Syrma SGS Technology IPO: Syrma SGS, an electronic systems design, and manufacturing firm, had set the price band for its IPO at Rs 209-220 per share. Syrma SGS’ IPO is the first issue to hit the market in nearly three months. The Rs 840 crore-Syrma SGS Technology IPO received bids for 6,48,39,020 shares against 2,85,63,816 shares on offer, according to NSE data.
Syrma SGS Technology IPO: Subscription Status
Syrma SGS Technology IPO was subscribed nearly 33 times on its concluding day, generating bids worth nearly Rs 20,000 crore. The qualified institutional buyers (QIBs) was subscribed 87.5 times, the high net worth individual (HNI) portion 17.5 times, and the retail portion 5.5 times.
Syrma SGS Technologies IPO: GMP Today
According to market observers, shares of Syrma SGS Technologies are available in grey market at a premium of Rs 48 per equity share, which is Rs 12 higher than its Thursday morning premium of Rs 36 per equity share. They said that the rise in Syrma SGS Technologies IPO GMP today is because of the strong secondary market sentiments as the Indian stock market ended in the green zone on the eighth straight session on Thursday. During subscription, Syrma SGS Technologies IPO GMP surged from Rs 20 to Rs 48 which augurs well about the public offer and market observers expected it to translate in terms of listing premium. However, they said that much depends upon the market sentiments on a listing day.
Syrma SGS Technology IPO: Objective
The company intends to use the funds raised for multiple purposes such as funding capital expenditure requirements for the development of an R&D facility and expansion / setting up of manufacturing facilities. It will also use the proceeds for funding long-term working capital requirements and general corporate purposes.
Syrma SGS Technology IPO: IPO Share Allotment
Syrma SGS Technology will finalise the basis of the allotment of shares by August 23 and will initiate refunds to unsuccessful investors by August 24. Equity shares will get credited to the Demat accounts of eligible investors by August 25.
Syrma SGS Technology IPO: Listing Date
The shares will start trading on the BSE and NSE will start with effect from August 26.
Syrma SGS Technology IPO: About the Company
Syrma SGS is a technology-focused engineering and design company engaged in turnkey electronics manufacturing services (EMS) that specialises in precision manufacturing. 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.