Syrma SGS Technology shares make stellar debut, list at 19% premium to issue price

Shares of Syrma SGS Technology made a stellar market debut today as the electronics manufacturing services (EMS) firm listed at Rs 262, a premium of 19.09 per cent over its issue price of Rs 220 on BSE. The stock listed at Rs 260 on NSE. The firm offered its shares in a price band of Rs 209 to Rs 220 in the IPO.

The market cap of Syrma SGS Technology stood at Rs 4,617.20 crore. A total of 4.11 lakh shares of the firm changed hands amounting to a turnover of Rs 10.75 crore on BSE. On NSE, market cap of Syrma SGS Technology rose to Rs 4,850.70 crore. A total of 81.25 lakh shares of the firm changed hands amounting to a turnover of Rs 214.34 crore on BSE.

The initial public offering (IPO) of Syrma SGS Technology was open for subscription from August 12 to August 18. The initial public offer (IPO) of Syrma SGS Technology was subscribed 32.61 times on the fourth and final day of the offer.

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The public offer received bids for 93,14,84,536 shares against 2,85,63,816 shares offered by the company. The quota reserved for retail and non-institutional investors got subscribed 5.53 times and 17.50 times of the portion allocated for them.

Qualified institutional buyers (QIBs) subscribed to 87.56 times of the allocated portion. Half of the issue size was reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 10 per cent for non-institutional investors.

Syrma SGS Technology IPO consisted of a fresh issue of equity shares aggregating to Rs 766 crore and an offer for sale of up to 33,69,360 equity shares. The net proceeds from the IPO will be utilised for funding capital expenditure requirements to expand manufacturing, R&D facilities, long-term working capital requirements and general corporate purposes.

The firm raised Rs 252 crore from anchor investors ahead of its initial share sale on August 11. The company allocated a total of 114,56,261 equity shares to anchor investors at Rs 220 apiece, aggregating the transaction size to Rs 252.04 crore, according to a circular uploaded on BSE's website.