Syrma SGS Technologies IPO to list on BSE & NSE on Friday: Check GMP; what to expect?

The Initial Public Offering (IPO) of Syrma SGS Technologies will be listed on the Indian bourses- National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) - on Friday, August 26. The public offering, with a price band of Rs 209-220 per share, was open for subscription from August 12. The allotment of shares was done on August 23.

The Rs 840 crore Syrma SGS Technologies IPO was subscribed 32.61 times over the issue offer size by receiving bids for 93,14,84,536 shares against 2,85,63,816 equity shares on offer. The portion reserved for Qualified Institutional Buyers (QIBs) was booked 87.56 times, Non-Institutional Investors (NIIs) subscribed 17.50 times and the retail portion subscribed 5.53 times.

The IPO consists of a fresh issue of equity shares worth Rs 766 crores and an offer for sale (OFS) of up to 33,69,360 equity shares. The tech firm has also raised Rs 252 crore from anchor investors.

Syrma SGS Share Price & other details

• Syrma SGS IPO share price: Price band Rs 209-220 per equity share.
• Listing date of Syrma SGS Tech: August 26
• The IPO was opened for subscription on August 12 and closed on August 18.
• Share allotment took place on August 23
• The IPO consists of Rs 766 crore worth of fresh equity shares and OFS of 33.69 lakh shares

Syrma SGS GMP: What to expect?

The shares of Syrma SGS in the unofficial grey market or Syrma SGS GMP has been trading at a decent premium for the past few days. The GMP on Wednesday was around Rs 50, or 20 percent which suggests a positive listing on NSE and BSE on Friday. It indicates that the IPO will open at a premium.

According to the company, the net proceeds from the fresh issue will be used for funding capital expenditure requirements to expand manufacturing, Research and Development facilities, long-term working capital needs and general corporate purposes.

About Syrma SGS

A technology-focused engineering and design firm, Syrma SGS is engaged in turnkey Electronics Manufacturing Services. Its customers include AO Smith India Water Products, TVS Motor Company,  Eureka Forbes, Total Power Europe BV and Robert Bosch Engineering and Business Solution.