Syrma SGS Technology subscribed 37% on the first day of issue

Through the IPO, the company is planning to raise Rs 766 crore by issuing fresh shares

ipo
BS Reporter
2 min read Last Updated : Aug 13 2022 | 1:51 AM IST
Day one: Syrma SGS subscribed 37% The Initial public offering (IPO) of Syrma SGS Technology garnered 37 per cent subscription on Friday, the first day of the issue. A day earlier, the company had allotted shares worth Rs 252 crore to anchor investors. 

Syrma SGS’ IPO is the first issue to hit the market in nearly three months. The last IPO to hit the market was of, specialty chemicals firm, Aether Industries’ on May 24. Syrma SGS, an electronic systems design and manufacturing firm, has set the price band for its IPO at Rs 209-220 per share. At the top-end, the company will be valued at Rs 3,877 crore. Through the IPO, the company is planning to raise Rs 766 crore by issuing fresh shares. 

The issue also comprises Rs 74 crore worth of secondary share sale. “The company has demanded an EV/sales multiple of 2.5 times (to its FY22 pro forma consolidated sales), which is at premium to the peer average,” said a note by Choice Broking. Syrma SGS manufactures high precision coils used for hard disk drives and USB drives.It also provides products for the telecom, healthcare, and appliances industry. Dam Capital Advisors, ICICI Securities, and IIFL Securities handling the share sale.

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Topics :IPOSyrma Technologyelectronics manufacturing sector

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