Syrma SGS Technology IPO: Issue subscribed 92% on Day 2 of bidding

The initial public offer of Syrma SGS Technology was subscribed 92 per cent on the second day of the offer on Tuesday.

The offer got bids for 2,62,69,148 shares against 2,85,63,816 shares on offer, according to the NSE data.

Retail Individual Investors (RIIs) portion received 1.56 times bids and non-institutional investors category got subscribed 74 per cent.

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

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

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

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

At the upper end of the price band, the initial share-sale is expected to fetch Rs 840 crore.

The net proceeds from the fresh issue will be utilised for funding capital expenditure requirements to expand manufacturing, R&D facilities, long-term working capital requirements and general corporate purposes.

DAM Capital Advisors, ICICI Securities and IIFL Securities are the book running lead managers to the offer.

Syrma SGS is a technology-focused engineering and design company engaged in turnkey electronics 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.