Syrma Technology

Analyst at Swastika Investmart attributed the good listing to positive market sentiment, outstanding prospects, and a good response from the investors.

The qualified institutional buyers (QIBs) was subscribed 87.5 times, high networth individual (HNI) portion 17.5 times and retail portion 5.5 times

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 ..

The qualified institutional buyer portion was subscribed 71 per cent. Retail and the two categories meant for high networth individuals garnered over three times subscription

Retail investor portion of the issue was subscribed 1.5 times, while high net-worth individual portion was subscribed 63 per cent

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

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

New entity will be created, with a combined turnover of over Rs 1,000 crore, and 55% revenues coming from exports primarily to the US and Europe