Syrma SGS Tech IPO: Latest GMP ahead of subscription releasing this week

By siliconindia  |  Tuesday, 09 August 2022, 09:22:54 AM IST

Syrma SGS Tech IPO: Latest GMP ahead of subscription releasing this week
Ending the two-and-a-half months of the gap in the initial public offering (IPO) market, electronic manufacturing services firm Syrma SGS Technology will be launching its public issue this week on Friday, August 12, 2022. Companies were not taking the IPO route for fundraising in the past few months due to the volatility in the markets. 
The initial share sale will conclude on Thursday August 18, 2022. The price band has been fixed at Rs 209-220 per share. Syrma SGS Tech's IPO includes a fresh issue of Rs 766 crore and an offer for sale (OFS) of up to 3.37 million shares by promoter Veena Kumari Tandon. The company aims to raise Rs 840 crore through its IPO.The company aims to use the net proceeds from the fresh share issue for funding capital expenditure requirements to expand manufacturing and R&D facilities and to fund long-term working capital requirements.
As per market observers, Syrma SGS Technology shares are available at a premium (GMP) of Rs 28 in the grey market today. The company's shares are expected to list on stock exchanges BSE and NSE on Friday, August 26, 2022.
Half of the issue size has been reserved for qualified institutional buyers, 35% for retail investors and the remaining 10% for non-institutional investors.
Syrma SGS is a technology-focused engineering and design company engaged in turnkey electronics manufacturing services (EMS) that specialises in precision manufacturing. Its customers include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes and Total Power Europe BV.
It operates through eleven manufacturing facilities in Himachal Pradesh, Haryana, Uttar Pradesh, Tamil Nadu and Karnataka and has three R&D facilities which are located in Tamil Nadu, Haryana, and Germany.
DAM Capital Advisors, ICICI Securities, and IIFL Securities are the book-running lead managers for the offer, whereas Link Intime India is the registrar to the issue.

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