Syrma SGS Technology IPO: Issue subscribed 32.61 times on final day led by QIBs and non institutional investors

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 87.56 times, while the portion for non institutional investors was subscribed 17.50 times and that of retail individual investors (RIIs) was subscribed 5.53 times, the data showed.

The Syrma SGS IPO comprises a fresh issue of shares worth Rs 766 crore and an offer for sale (OFS) of up to 33.69 lakh equity shares by promoter Veena Kumari Tandon.

The 4-day IPO opened for subscription on Friday, August 12, 2022, and concluded at 5 pm today. It has a price band of Rs 209-220 per share.

Before heading into the IPO, the company had raised over Rs 252.03 crore (Rs 2,52,03,77,420) from 18 anchor investors.

Syrma SGS Technology is a technology-focused engineering and design firm that is engaged in turnkey electronics manufacturing services (EMS) that specialises in precision manufacturing. Some of its top customers include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes and Hindustan Unilever, the company informed in its red herring prospectus.

Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Syrma SGS Technology is expected to take place on Tuesday, August 23, 2022, as per the information provided in the RHP.