Syrma SGS In Blockbuster Listing

Bullish @ BSE -Dharmesh Mehta of Dam Capital, Sandeep Tandon Syrma SGS

Syrma SGS In Blockbuster Listing

Scrip Closes At 42% Premium On Bourses

We are conscious that we are now custodians of the capital of a lac plus shareholders, said Sandeep Tandon, promoter of Syrma SGS

MUMBAI, Aug 26 (The CONNECT) - Leading electronic design and manufacturing Company Syrma SGS Technology Limited made its debut on a strong footing and closed at a premium of 42% on its issue price of Rs 220 on the higher side of the price band

The scrip listed Rs 262 per share on BSE and Rs 260 apiece on NSE -a premium of 19.09 % and 18.18% respectively. The company's share price closed at Rs 313.05 on the BSE, a 42.30% premium, and at Rs 312 per share on the NSE, a 41.82% premium.

As per NSE, the total quantity traded stood at 599.61 lakh shares, on BSE the total Quantity stood at 54.77 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1901.50 crore.

Sandeep Tandon, Promoter and Executive Chairman – Syrma SGS Technology Limited said “We are humbled by the faith of investors in our company. We are conscious that we are now custodians of the capital of a lac plus shareholders and we have to work even harder to justify their faith in us. We are very confident about the future outlook of the company."

The Market Capitalization of the Company at today’s closing price stood at Rs. 5,516.85 Crore as per BSE and Rs. 5,498.35 Crore as per NSE.

The IPO consists of a fresh issue of equity shares aggregating to ₹ 766 crore and an offer for sale (OFS) of up to 3,369,360 equity shares  and the issue closed on 18th August 2022.

The offer received bids of 93,14,84,536 equity shares against the offered 2,85,63,816 equity shares, at a price band of Rs 209-220, according to the data available on the stock exchanges. The portion reserved for Qualified Institutional Buyers led from the front and was subscribed 87.56 times. The reserved portion of non-institutional investors witnessed a subscription of 17.50 times. The Retail Investors portion was subscribed 5.53 times. Overall the issue was subscribed 32.61 times on the final day of bidding. The company raised Rs 252 crore from anchor investors a day ahead of its initial share sale. The company raised Rs 840 crore through the IPO.

Dam Capital Advisors Limited, ICICI Securities Limited, and IIFL Securities Limited are the book running lead managers to the issue, and Link Intime India Private Limited is the registrar of the Issue.

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