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Syrma SGS Technology garners Rs.252-Cr from anchor investors

MyBigPlunge  

Chennai-headquartered electronic manufacturing services firm Syrma SGS Technology has raised INR 252 crore from anchor investors ahead of its initial share sale, which opens for public subscription on Friday, 19 August. The company has allocated 114,56,261 equity shares to anchor investors at INR 220 apiece, aggregating to INR 252.04 crore. Nomura, Kuber India Fund, BNP Paribas Arbitrage, Aditya Birla Sun Life Insurance Company, ICICI Prudential Mutual Fund (MF), Tata MF, Edelweiss MF and IDFC MF are among the anchor investors. The public issue of Syrma SGS comprises a fresh issue of shares worth INR 766 crore, and an Offer For Sale (OFS) of up to 33.69 lakh equity shares by Veena Kumari Tandon. At the upper end of the price band, the initial share sale is expected to fetch INR 840 crore. Syrma SGS is engaged in turnkey Electronics Manufacturing Services (EMS) in precision manufacturing. Its customers include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes and Total Power Europe BV.