Syrma SGS Technology IPO Subscription Status: Day 2 Update
Follow the latest subscription updates from Day 2 of Syrma SGS Technology IPO.
Syrma SGS Technology Ltd.'s initial public offering was subscribed 92% on it second day, with demand led by retail investors.
The Rs 840-crore IPO was subscribed 37% on its first day.
The IPO comprises fresh issue worth Rs 766 crore and an offer for sale of up to 33.69 lakh shares by one of its promoters, Veena Kumari Tandon, according to the draft red herring prospectus.
The price band for the share sale is Rs 209-220 apiece.
The Chennai-based electronics manufacturer said it will use the net proceeds from the fresh issue to fund its capital expenditure requirements, to boost manufacturing and R&D facilities, working capital requirements and general corporate purposes.
Syrma SGS’s initial share sale hits the Indian markets two-and-a-half months after the last IPO of Aether Industries Ltd.
Syrma SGS Technology is an engineering and design services company that provides electronics manufacturing services, including 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 2
The IPO was subscribed 0.92 times as of 5:00 p.m. on Aug. 16.
Institutional investors: 0 times.
Non-institutional investors: 0.74 times.
Retail investors: 1.56 times.