Syrma SGS Technology IPO concludes with a 32.61 times subscription

18 Aug 2022 , 03:50 PM

On August 18, the last day of bidding, the public offering of Syrma SGS Technology, a firm that designs and manufactures electronic systems, received a strong reaction from a variety of investors.

The offer has been subscribed to 32.61 times, with bids for 93.14 crore equity shares received compared to 2.85 crore shares on the offer. It should be noted that the offer size was decreased from about 3.81 crore shares to 2.85 crore after the company raised Rs252 crore through an anchor book on August 11, the day before the deal opened.

The quota set aside for non-institutional investors was subscribed 17.50 times, compared to 87.56 times for the pie designated for qualified institutional investors.

Retail investors subscription stood at 5.53 times.

Less than Rs840 crore are sought by Syrma SGS Technology through the public offering, which began taking subscriptions on August 12.

A decrease from the pre-IPO placement price of Rs290 per share in May 2022, the price range for the offer, was set at Rs209 to Rs220 per share.

One of the electronics system design and manufacturing (ESDM) businesses in India with one of the most impressive customer lists is Syrma. Through concept co-creation and product realization, it offers original equipment manufacturers (OEMs) integrated services and solutions from the early product concept stage to volume manufacturing.