Syrma SGS Technology IPO subscribed 2.26 times on third day

The initial public offer (IPO) of Syrma SGS Technology was subscribed 2.26 times on the third day of the offer. The IPO opened on August 12. The public offer received bids for 6,48,39,020 shares on the third day today against 2,85,63,816 shares offered by the company.

The share sale of the electronics manufacturing services (EMS) firm will close on August 18. The quota reserved for retail and non-institutional investors got subscribed 2.66 times and 3.79 times of the portion allocated for them.

Qualified institutional buyers (QIBs) subscribed to 0.71 times of the allocated portion.

Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 10 per cent for non-institutional investors.

The company is offering its shares in a price band of Rs 209 to Rs 220 per share. It plans to raise Rs 840 crore at the upper end of the price band through the share sale. The lot size of Syrma SGS Technology IPO is 68 shares for which one will have to spend Rs 14,960.

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A retail individual investor can submit bids for up to 13 lots or 884 shares by spending Rs 1,94,480 .

DAM Capital Advisors Ltd (Formerly IDFC Securities Ltd), ICICI Securities and IIFL Securities are the book running lead managers for the IPO of Syrma SGS Technology. The allotment of shares will be done on August 23 and they are likely to be listed on BSE and NSE on August 26. Link Intime India Private Ltd is the registrar to the IPO.

Syrma SGS Technology IPO consists of a fresh issue of equity shares aggregating to Rs 766 crore and an offer for sale of up to 33,69,360 equity shares.

The firm raised Rs 252 crore from anchor investors ahead of its initial share sale on August 11.

The company will allocate a total of 114,56,261 equity shares to anchor investors at Rs 220 apiece, aggregating the transaction size to Rs 252.04 crore, according to a circular uploaded on BSE's website.

Nomura, Kuber India Fund, BNP Paribas Arbitrage, Aditya Birla Sun Life Insurance Company, ICICI Prudential Mutual Fund (MF), Tata MF, Edelweiss MF and IDFC MF are among the anchor investors, it added.