Closing a two-and-a-half-month gap in the initial public offering (IPO) market, electronic manufacturing services firm Syrma SGS Technology will launch its public issue this week on Friday, August 12, 2022. Companies were not taking The IPO route to fundraising in the past few months due to volatility in the markets.
The initial share sale will end on Thursday, August 18, 2022. The price band is fixed at 209-220 per share. Sirma SGS Tech’s IPO includes a new issue of 766 crore and Offer for Sale (OFS) of 3.37 million shares by promoter Veena Kumari Tandon. The company aims to raise 840 crores through this IPO,
The company aims to use the net proceeds from the new share issue to finance capital expenditure requirements, expand manufacturing and R&D facilities, and to fund long-term working capital requirements.
According to market observers, Sirma SGS Technology K shares are available at Premium (GMP) 28 in the gray market today. The company’s shares are expected to be listed on the stock exchanges BSE and NSE on Friday, August 26, 2022.
Half of the issue size is reserved for qualified institutional buyers, 35% for retail investors and the remaining 10% for non-institutional investors.
Sirma SGS is a technology-focused engineering and design company engaged in turnkey electronics manufacturing services (EMS) that specializes in precision manufacturing. 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.
DAM Capital Advisors, ICICI Securities and IIFL Securities are the book-running lead managers to the offer, while LINK Intime India is the registrar of the issue.
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