Syrma SGS Technology IPO Subscribed 2.27 Times On Day 3
Follow the latest subscription updates from day 3 of Syrma SGS Technology IPO.
The Rs 840-crore initial public offering of Syrma SGS Technology Ltd. fully subscribed on its third day, led by demand from retail and non-institutional investors.
The IPO was subscribed 92% on its second day and 37% on the first day.
The initial stake sale of the Chennai-based electronics maker includes fresh stock worth Rs 766 crore and an offer for sale of up to 33.69 lakh equity shares by one of its promoters Veena Kumari Tandon, according to the red herring prospectus. The price band is at Rs 209-220 apiece.
Syrma SGS said it would use the net proceeds from the fresh issue for its capital expenditure needs to ramp up its manufacturing and R&D units, working capital requirements and general corporate purposes.
Its IPO comes two-and-a-half- months after the last offering of Aether Industries Ltd.
Syrma SGS Technology is an engineering and design services provider, offering electronics manufacturing services such as product design, quick prototyping, printed circuit board assembly, box build, repair and rework, and automatic tester development services. It also offers OEM solutions for RFID tags and inlays and high-frequency magnetic components.
Subscription Status: Day 3
The IPO was subscribed 2.27 times as of 5:00 p.m. on Aug. 17.
Institutional investors: 0.71 times.
Non-institutional investors: 3.58 times.
Retail investors: 2.66 times.