The initial public offering of Syrma SGS Technology Limited closed on Thursday, with the offer getting subscribed 15.59 times on the last day. With this, the IPO has been subscribed 32.61 times with the issue subscribed by qualified institutional buyers 42.42 times. Notably, non-institutional investors subscribed to the offer 17.50 times and retail individual investors subscribed to the offer 5.53 times, as per the information available on stock exchanges.
The share price for Chennai-based Syrma SGS Technology Limited was Rs 209 to Rs 220 per share, which is at a discounted price of pre-IPO placement at Rs. 290. Through the IPO, the company is planning to develop its R&D facility, and expand and set up manufacturing facilities.
The IPO lot size was 68 shares. The initial public offering began on August 12 and the company was planning to raise Rs 840 crore through the IPO. The offer got bids for 93.14 crore equity shares compared to 2.85 crore shares that were put on offer.
Incorporated in 2004, the company caters to electronics manufacturing services (ems, and provides integrated services and solutions to original equipment manufacturers such as ) such as printed circuit board assemblies (PCBA), Radio frequency identification (RFID) products, Electromagnetic and electromechanical parts, Motherboards, Memory products - DRAM modules, solid state, and USB drives.
The promoters of the company are Sandeep Tandon, Jasbir Singh Gujral, Veena Kumari Tandon, and Tancom Electronics Private Limited who collectively hold 58.78 per cent of the equity shares in the company, as of December 31, 2021.