Market NewsSyrma SGS Technology IPO 2022 The issue of the company will open...

Syrma SGS Technology IPO 2022 The issue of the company will open on August 12, know what is going on in GMP?

Syrma SGS Technology will use the funds raised from the fresh issue to meet operational requirements, enhance manufacturing and R&D

Syrma SGS Technology IPO 2022: Electronic manufacturing services firm Syrma SGS Technology has announced to launch the issue. The company is bringing an issue of Rs 840 crore on August 12. The company’s issue price band has been fixed at Rs 209-220. The issue size of the company is 68 shares. Retail investors will invest a minimum of Rs 14,960 and a maximum of Rs 1,94,480. Retail investors can invest a maximum of Rs 2 lakh in any issue.

The company’s issue reserves 50% for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

What’s going on GMP?

The issue of Syrma SGS Technology is scheduled to open on August 12. Its gray market premium (GMP) is running at Rs 15 a day before the issue opens. Accordingly, the issue of the company is trading at Rs 235 in the unlisted market.

When will the issue open?

The issue of Syrma SGS Technology will open on August 12 and close on August 18. The market will remain closed on August 15 as it is a holiday. This will be the first IPO in the last two and a half months. The issue for Anchor Book will open on August 11.

What is issue size?

There will be a fresh issue of Rs 766 crore in the IPO of Syrma SGS Technology. Apart from this, 33.69 lakh shares will be sold in Offer for Sales (OFS). The offer will be for sale. The company is bringing a total issue of Rs 840 crore. Company’s promoter Veena Kumari Tandon will sell her 33.69 lakh shares. The listing of the company’s shares is scheduled to take place on August 24.

Where will the funds be used?

Syrma SGS Technology will use the funds raised from the fresh issue to meet operational requirements, enhance manufacturing and R&D. Apart from this, the fund will be used for other business needs and long term working capital requirement.

What is the business of the company?

Syrma SGS Technology is a technology focused engineering and design company engaged in turnkey electronics manufacturing services business. Apart from this, the company also provides its engineering and design services to sectors such as automotive, healthcare, consumer products. The company has more than 200 customers, out of which 16 are those who are associated with the company for a period of more than 10 years.

Its customers include names like TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering, and Business Solutions, Eureka Forbes, CyanConnode, Atomberg Technologies, Hindustan Unilever and Total Power Europe BV.

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