Syrma SGS Tech IPO subscribed 2.27 times on Day 3

The Initial Public Offer (IPO) of Syrma SGS Technology received 2.27 times subscription on the third day on Wednesday.

The Rs 840 crore-IPO received bids for 6,48,39,020 shares against 2,85,63,816 shares on offer, according to NSE data.

The category meant for non-institutional investors got subscribed 3.58 times, Retail Individual Investors (RIIs) 2.66 times and Qualified Institutional Buyers (QIBs) 71 per cent.

The IPO has 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 price range for the offer is at Rs 209-220 per share.

On Thursday, Syrma SGS Technology raised Rs 252 crore from anchor investors.

It is the first company to tap the primary market in two-and-a-half months. Prior to this, the IPO of Aether Industries was open for public subscription during May 24-26.

The net proceeds from the fresh issue will be utilised for funding capital expenditure requirements to expand manufacturing, R&D facilities, long-term working capital requirements and general corporate purposes.

Syrma SGS is a technology-focused engineering and design company engaged in turnkey Electronics Manufacturing Services (EMS). Its customers include TVS Motor Company, AO Smith India Water Products,

Robert Bosch Engineering and Business Solution, Eureka Forbes and Total Power Europe BV.

DAM Capital Advisors, ICICI Securities and IIFL Securities are the managers to the offer.