Retail investors too showed great interest in Syrma SGS IPO
MUMBAI, Aug 18 (Ther CONNECT) - The Initial Public Offering (IPO) of Syrma SGS Technology, an electronic design and manufacturing services company, has generated over Rs 19,400-crore demand from all the categories of investors against a target of Rs 840 crores.
Overall, the issue was subscribed 32.61 times on the final day of bidding.
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.
The IPO consists of a fresh issue of equity shares aggregating to Rs 766 crore and an offer for sale (OFS) of up to 3,369,360 equity shares.
Syrma SGS Technology Limited raised Rs 252 crore from anchor investors yesterday ahead of its initial share sale.
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.
Promoted by Sandeep Tandon and Jasbir Singh Gujral, Syrma SGS, is a technology-focused engineering and design company engaged in turnkey electronics manufacturing services (EMS) that specializes in precision manufacturing.
From Manufacturing High Precision Coils for Hard Disk Drives and USB drives for the IT Industry; Set Top Box requirements for the Home Entertainment Industry; 4G and now 5G Modules for the Telecom Industry; Hall Sensor PCBAs, Vehicle Tracking Systems, Toll Management Systems, Beacons, 4W Lighting System Boards, EV Battery Management Systems for the Automotive End Use Industry; Automatic Dimmers, Induction Cooktop Components, Boiler Management PCBA units, Energy Efficient Electronic Inverters, Home Appliance Control PCBAs for the Consumer Products Industry; Direct Digital Dental X-ray FGPA Controllers, PCBAs for X-Ray Machines, Smart Canes for Visually Challenged People, Augmented Reality Equipment for Ophthalmological Applications addressing the requirements of the Healthcare Industry, the company caters to diverse industries and has come a long way since its incorporation in 2004. It stands to be one of the leading Printed Circuit Board Assembly manufacturers in India and a top global manufacturer of custom RFID tags.