Syrma SGS Technology IPO closes today; check GMP, price, allotment date here

Data from the Bombay Stock Exchange reveals that Syrma SGS Technology has received 6,48,39,020 bids against the 2,85,63,816 shares on offer. The retail portion has been subscribed 2.66 times

FP Trending August 18, 2022 11:11:12 IST
Syrma SGS Technology IPO closes today; check GMP, price, allotment date here

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The initial public offering of Syrma SGS Technology closes today, 18 August. The Rs 840 crore public issue opened on 12 August. The shares have been booked 2.27 times till now. Data from the Bombay Stock Exchange reveals that Syrma SGS Technology has received 6,48,39,020 bids against the 2,85,63,816 shares on offer. The retail portion has been subscribed 2.66 times. The shares of Syrma SGS Technology have been priced at Rs 209-220 per equity. At the upper end of the price band, an investor will have to shell out Rs 14,960 to buy one lot of shares. A single lot consists of 68 shares.

The shares of Syrma SGS Technology will be listed on the stock exchanges on 26 August. The shares will likely be allotted on 23 August.

How will the proceeds of the public issue be used?

The IPO of Syrma SGS Technology consists of a fresh issue of Rs 766 crore and an offer for sale of up to 33.69 lakh equity shares by promoter Veena Kumari Tandon. The proceeds from the IPO will be used by the company for funding its working capital requirements, setting up of manufacturing facilities, and development of research facilities, according to the red herring prospectus (RHP).

What is the GMP of the Syrma SGS Technology issue?

The grey market premium of Syrma SGS Technology is Rs 36, as per a Live Mint report. This means that the grey market is expecting the company to list at around Rs 36 over its issue price (Rs 209-220).

How much of the public issue has been reserved for retail investors?

According to the RHP, 35 percent of the Syrma SGS Technology public issue has been reserved for retail investors. Of the remaining stock, 15 percent has been set aside for Non Institutional Investors and 50 percent for Qualified Institutional Buyers (QIB).

Other details:

Syrma SGS Technology is one of the fastest growing companies in India in the field of electronics system design and manufacturing. Founded in 2004, the company is engaged in turnkey electronics manufacturing services (EMS). It operates in several sectors including healthcare, IT, industrial appliances and consumer products.

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