Syrma SGS IPO gets bids for 92% of the issue size by the end of 2nd day

17 Aug 2022 , 08:32 AM

Syrma SGS Technology has received bids for 92%  of its issue size by the end of the second day of its initial public offering (IPO). The IPO that opened on August 12, will close on August 18, 2022.

On Tuesday, by end of 5 pm, the IPO received consolidated bids of 2,62,69,148 equity shares against the offered size of 2,85,63,816 equity shares – recording a subscription bid of 0.92 times.

Of total, the portion reserved for retail got subscribed by 1.56 times . The non-institutional investors’ portion got subscribed by 0.74 times.

The IPO comprises issue of fresh issues aggregating to Rs766 crore  and offer for sale of up to Rs74 crore by existing shareholders.

Bid lot size is of 68 Equity Shares and in multiples thereof.

The price band for the IPO is between Rs209 per equity share to Rs220 per equity share.

DAM Capital Advisors Limited, ICICI Securities and IIFL Capital Services acted as book-running lead managers (BRLM).

Last week, the company had allotted shares worth Rs252 crore to anchor investors ahead of IPO.

Syrma SGS is a technology-focused engineering and design firm that provides turnkey electronics manufacturing services (EMS) and specializes in precision manufacturing for a wide range of end-use industries.

The Chennai-based company, founded in 2004, serves a variety of industries, including industrial appliances, automotive, healthcare, consumer products, and information technology.