Syrma SGS shares list at 19 percent premium
The stock of Syrma SGS Technologies had a good listing in the stock market. The stock got listed on BSE at Rs 262 with a premium of 19 per cent. At the same time, the stock was listed on NSE at Rs 260. After listing, the stock reached a price of Rs 295. Its issue price was Rs 220 per share.
The IPO of Chennai-based engineering and design company, which is engaged in Electronics Manufacturing Services (EMS), received good response. The IPO was subscribed 32.61 times. The share of Qualified Institutional Buyers (QIBs) was filled 88 times. The share of non-institutional investors (NIIs) was subscribed 17.50 times while that of retail investors was bought 5.53 times.
Use of raised funds
Syrma SGS Technology has raised Rs 840 crore through its maiden public offering, of which Rs 766 crore will go towards expansion, working capital and general corporate purposes.
What is positive about the company?
The company has managed to foray into various growing areas such as CBA, Radio Frequency Identification (RFID), electromagnetic and electromechanical parts, and other information technology related products with a focus on R&D-based innovation and an experienced management team.
