Syrma SGS Technology IPO subscribed 32.61 times on final day of bidding

The Initial Public Offer (IPO) of Syrma SGS Technology was subscribed 32.61 times on the final day on Thursday.

The Rs 840 crore-IPO received bids for 93,14,84,536 shares against 2,85,63,816 shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) received 87.56 times subscription, non institutional investors was subscribed 17.50 times and Retail Individual Investors (RIIs) 5.53 times.

The IPO had 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 offer was priced in the range of Rs 209-220 per share.

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

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

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.

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.

DAM Capital Advisors, ICICI Securities and IIFL Securities were the managers to the offer.