Syrma SGS Technology prices IPO at Rs 209-220 a share

Engineering and design company Syrma SGS Technology Ltd has fixed the price band for its initial public offering at at Rs 209-220 a share which is set to open to the public on 12 August and close on close on 18 August.

This will be the first IPO in the last two and a half months. The anchor book will open for a day on August 11.

The IPO consists of a fresh issue of shares worth Rs 766 crore and an offer for sale of up to 3.37 million shares by promoter Veena Kumari Tandon. At the upper end of the price band, the firm will raise a total of Rs 840 crore.

The firm will list on 24 August.

Syrma SGS is a technology-focused engineering and design company engaged in turnkey electronics manufacturing services, specialising in precision manufacturing for diverse end-use industries, including industrial appliances, automotive, healthcare, consumer products, and IT.

Its revenue for FY22 rose 43 percent from a year ago to Rs 1,267 crore while net profit stood at Rs 76,46 crore, up 17 percent.

The company provided products to over 200 customers of which 16 have been associated with the firm for more than 10 years, contributing Rs 262.8 crore of pro forma revenue in FY22. Its customers include TVS Motor Company, A O Smith India Water Products, Robert Bosch Engineering, and Business Solution, Eureka Forbes, CyanConnode, Atomberg Technologies, Hindustan Unilever, and Total Power Europe BV.