Syrma SGS Technology Shares End At 42.3% Premium To IPO Price On Debut
The stock listed at Rs 262 apiece on the BSE, a premium of 19% to its IPO price of Rs 220 apiece.
Shares of Syrma SGS Technology Ltd. gained on listing after its initial public offering was subscribed 32.61 times, led by demand from institutional investors.
The stock of the Chennai-based electronics manufacturer listed at Rs 262 apiece on the BSE, a premium of 19% to its IPO price of Rs 220 apiece. On the National Stock Exchange, the stock debuted at Rs 260, an 18.2% premium.
It then extended gains to an intraday high of Rs 314.40 on BSE, a premium of almost 43% to its IPO price. The stock later pared some gains to end at Rs 313.05, gaining as much as 42.3% from its IPO price and 19.5% from the listing price.
The Rs 840-crore IPO saw demand from qualified institutional buyers on its final day of subscription, followed by non-institutional and retail investors.
The IPO—two and a half months after the last issue of Aether Industries Ltd. hit the markets—consisted of a fresh issue worth Rs 766 crore and an offer for sale of up to 33.69 lakh equity shares by Veena Kumari Tandon, one of the promoters of the company, according to its red herring prospectus. The price band was fixed at Rs 209-220 apiece.