Syrma SGS Tech IPO subscribed 2.27 times on Day 3

Syrma SGS Technology’s initial public offering (IPO) received 2.27 times subscription on the third day of Wednesday.

The Rs 840 crore IPO received bids for 6,48,39,020 shares against 2,85,63,816 shares on offer, according to NSE data.

The Non-Institutional Investors category was subscribed 3.58 times, Retail Individual Investors (RII) 2.66 times and Qualified Institutional Buyers (QIB) 71%.

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

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

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

It is the first company to tap into the primary market in two and a half months. Previously, the Aether Industries IPO was open for public subscription from May 24-26.

Net proceeds from 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 purposes.

Syrma SGS is a technology-driven engineering and design company specializing in turnkey Electronic 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.

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

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

Comments are closed.