Syrma SGS Tech IPO subscribed 37% – Business Standard

Capital Market  Last Updated at August 12, 2022 18:50 IST
https://mybs.in/2axoihc

The offer received bids for 1.05 crore shares as against 2.85 crore shares on offer.
The initial public offer (IPO) of electronic manufacturing services firm Syrma SGS Technology received bids for 1,05,17,900 shares as against 2,85,63,816 shares on offer, according to stock exchange data at 17:00 IST on Friday (12 August 2022). The issue was subscribed 0.37 times.
The IPO, with a price band of Rs 209-220 a share, will remain open for public subscription during 12 to 18 August 2022. An investor can bid for a minimum of 68 equity shares and in multiples thereof.
The public issue 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 Veena Kumari Tandon, a promoter. Post OFS the shareholding of Veena Kumari Tandon will be 0.86% of the expanded equity.
The net proceeds from the fresh issue will be utilised for funding capital expenditure requirements to expand manufacturing, R&D facilities, working capital requirements and general corporate purposes.
Ahead of the IPO, the company on 11 August 2022 raised Rs 252 crore from anchor investors. It allocated a total of 1,14,56,261 equity shares to anchor investors at Rs 220 each, aggregating the transaction size to Rs 252.04 crore.
Syrma SGS Technology is a technology-focussed engineering and design company engaged in turnkey electronics manufacturing services (“EMS”), specialising in precision manufacturing for diverse end-use industries, including industrial appliances, automotive, healthcare, consumer products and IT industries.
The company reported net profit of Rs 30.61 crore and sales of Rs 646.26 crore in the year ended March 2022.
Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor
PREVIOUS STORY
NEXT STORY
Copyrights © 2022 Business Standard Private Ltd. All rights reserved.
Business Standard
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of “Business Standard Premium Services”
As a premium subscriber you get an across device unfettered access to a range of services which include:
Business Standard
Premium Services
In Partnership with Fis Logo
Dear Guest,
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard

source

Leave a Reply

Your email address will not be published. Required fields are marked *