Syrma SGS Technology IPO Subscribed 0.37 Times On Day 1
The company raised Rs 252 crore from anchor investors yesterday ahead of its initial share sale today.
Syrma SGS Technology Ltd.'s Rs 840-crore initial public offering was subscribed 0.37 times on the first day.
The electronic manufacturing services provider will issue fresh shares worth Rs 766 crore with a price band of Rs 209-220 per piece and an offer for sale of up to 33.69 lakh equity shares by one of the promoters, Veena Kumari Tandon, according to its red herring prospectus.
The company raised Rs 252 crore from anchor investors yesterday ahead of its initial share sale today.
The Chennai-based electronics manufacturer will use the net proceeds from the fresh issue of shares to fund its capital expenditure requirements in order to ramp up its manufacturing and R&D facilities. It will also utilise the funds for working capital requirements and general corporate purposes.
Syrma SGS’s initial share sale is the first one to tap the Indian markets two and a half months after the last IPO, which was of Aether Industries during May 24-26.
Syrma SGS is a engineering and design services company that offers electronics manufacturing services including product design, quick prototyping, printed circuit board assembly, box build, repair and rework and automatic tester development services. It also provides OEM solutions for RFID tags and inlays and high-frequency magnetic components.
Subscription Status: Day 1
The IPO subscribed 0.37 times as of 5:00 p.m. on Aug. 12.
Institutional investors: 0 times.
Non-institutional investors: 0.13 times.
Retail investors: 0.69 times.