EMS firm Syrma SGS pulls off Rs. 840-Cr IPO
The Initial Public Offer (IPO) of Syrma SGS Technology was subscribed 32.61 times. The INR 840 crore-IPO received bids for 93,14,84,536 shares against 2,85,63,816 shares on offer. The category for Qualified Institutional Buyers (QIBs) received 87.56 times subscription, while that of non-institutional investors was subscribed 17.50 times and Retail Individual Investors (RIIs), 5.53 times. The IPO had a fresh issue of equity shares aggregating to INR 766 crore and an offer for sale of up to 33,69,360 equity shares. The offer was priced in the range of INR 209-220 per share. The net proceeds from the fresh issue will be used for funding capital expenditure requirements to expand manufacturing, R&D facilities, and long-term working capital requirements. The engineering and design company engaged in turnkey Electronics Manufacturing Services (EMS) had raised INR 252 crore from anchor investors, allocating 114,56,261 equity shares at INR 220 apiece. DAM Capital Advisors, ICICI Securities, and IIFL Securities are the book-running lead managers for the offer.
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