Despite weak markets, shares of Sirma SGS Technology rise for the second day

Shares of Sirma SGS Technology ended its first trading day on Friday with a premium of over 42% against its IPO issue price. 220 per. The Initial Public Offer (IPO) of Sirma SGS Technology was subscribed 32.61 times on the last day of its public offering. 840 crore-IPO received bids for 93,14,84,536 shares, while 2,85,63,816 shares were offered.

“The good listing of the company can be attributed to positive market sentiments, excellent prospects and good response from investors. With a great focus on R&D-based innovation and an experienced management team, the company has been able to enter into various growing segments. The company’s geographically diverse manufacturing location and business model that starts from product concept design and focuses on every segment of the overall industry value chain, gives them a competitive advantage over other players,” said Santosh, Head of Research, Swastika Investmart Ltd. Meena said.

Sirma SGS Technology IPO Overall a fresh issue of equity shares was 766 crore and offer for sale of 33,69,360 equity shares. Initial share sale price. was in the range of 209-220 per share.

The company said the net proceeds from the new issue will be used to finance capital expenditure requirements for expansion of manufacturing, R&D facilities, long-term working capital requirements and general corporate objectives.

Sirma SGS TechnologyLtd., incorporated in 2004, is a Chennai-based technology-focused engineering and design company engaged in turnkey electronics manufacturing services (EMS). Its clients include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering & Business Solutions, Eureka Forbes and Total Power Europe BV.

It operates through eleven manufacturing facilities in Himachal Pradesh, Haryana, Uttar Pradesh, Tamil Nadu and Karnataka and has three R&D facilities located in Tamil Nadu, Haryana and Germany.

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