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Syrma SGS Technology IPO subscribed 37% on day 1, retail portion booked 69%

Retail investors were at the forefront, buying 69 percent of shares reserved for them, while the portion set aside for non-institutional investors was subscribed 13 percent.

August 12, 2022 / 08:14 PM IST
 
 
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The initial public offering of Syrma SGS Technology received a decent response from investors, especially retail, as it was subscribed 37 percent on the first day of bidding, August 12.

Investors so far have put in bids for 1.05 crore equity shares against the offer size of 2.85 crore equity shares, as per the data available with the exchanges.

The offer size has been reduced to 2.85 crore equity shares, from more than 3.8 crore equity shares after the fundraising via anchor book on August 11.

Retail investors were at the forefront, buying 69 percent of shares reserved for them, while the portion set aside for non-institutional investors was subscribed to 13 percent. Qualified institutional buyers are yet to participate in the offer.

Also read - LIC Q1 Result | Net profit comes in at Rs 683 crore, firm sees rise in market share

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The initial public offering comprises a fresh issue of Rs 766 crore and an offer for the sale of 33.69 lakh equity shares by the promoter. The price band for the offer is Rs 209-220 per share.

The issue will remain open for subscription till August 18 as banks are shut between August 13-16, 2022.

Also read - Syrma SGS Technology IPO opens today: Should you subscribe?

The company, through its fresh issue proceeds, will develop its research & development facility, and set up manufacturing facilities. The funds will also be utilised for working capital requirements and general corporate purposes.
Sunil Shankar Matkar
first published: Aug 12, 2022 08:14 pm
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