Syrma SGS Tech's Rs840 crore IPO opens for subscription on August 12

8 Aug 2022 , 10:30 AM

Syrma SGS Technology announced that its IPO will open for subscription on Friday, August 12, 2022.

The company has also fixed the price band at Rs209-220 per piece for the issue. The issue closes on August 18, 2022.

The company plans to raise Rs840 crore through its primary offering, inclusive of a fresh issue of Rs766 crore and 33,69,360 shares from the existing shareholders and promoters.

In consultation with its book-running lead managers (BRLMs), the company raised Rs110 crore through a pre-IPO placement of 37,93,103 equity shares at Rs290 each.

The company stated that the net proceeds of the issue will be utilized for funding capital expenditure requirements to expand manufacturing and R&D facilities, and long-term working capital requirements.

Investors can bid on a minimum of 68 equity shares and in multiples of 68 equity shares. The anchor book will be available on Thursday, August 11.

Up to 50% of the total offer is reserved for qualified institutional buyers, while the other 15% is reserved for non-institutional investors. The remaining 35% stake is reserved for retail investors.

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.