The initial public offer (IPO) of Sirma SGS Technology was subscribed 32.61 times on the last day of last week’s close on Thursday. 840 crore-IPO received bids for 93,14,84,536 shares, while 2,85,63,816 shares were offered.
Sirma SGS Technology IPO Overall a fresh issue of equity shares was 766 crore and offer for sale of 33,69,360 equity shares. 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 is heading the premium (GMP) of SGS Tech’s share According to market observers, today 48 in gray market. The company’s shares are expected to be listed on the stock exchanges BSE and NSE this week on Friday, August 26, 2022.
Sirma SGS Technology, 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.
Qualified Institutional Buyers (QIBs) were subscribed 87.56 times, non-institutional investors 17.50 times and Retail Individual Investors (RIIs) were subscribed 5.53 times for the initial share sale. DAM Capital Advisors, ICICI Securities and IIFL Securities were the book-running lead managers to the offer.
The finalization of the basis for allotment of shares of Sirma SGS Technology IPO was done on Wednesday and then the credit of shares in the demat account of the bidders will be done on Thursday, August 25.
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