NEW DELHI: Shares of Electronic manufacturing services firm Syrma SGS Technology opened for public subscription last Friday (August 12).
The issue has received good response from investors so far with 70% of the issue being subscribed in 2 days.
On day 1, the issue was subscribed 37%.
Retail investors continue to lead the charge with 128% subscription. Cumulatively, this section of investors oversubscribed 17.94 lakh shares as against 14 lakh that was offered to them.
Non-institutional investors with bid amount more than Rs 2 lakh and up to Rs 10 lakh also subscribed 45% of the shares offered to them till 1pm on day 2.
Interestingly, the portion reserved for qualified institutional buyers (QIBs) received no bids yet.
The issue will remain open for subscription till July 18.
Ahead of its IPO open, the firm raised Rs 252 crore from anchor investors.
The public issue of Syrma SGS comprises a fresh issue of shares worth Rs 766 crore, and an Offer For Sale (OFS) of up to 33.69 lakh equity shares by Veena Kumari Tandon.
The company has decided to 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.
The IPO, with a price band of Rs 209-220 a share, will be open for public subscription during August 12-18. At the upper end of the price band, the initial share-sale is expected to fetch Rs 840 crore.
The net proceeds from the fresh issue will be utilised for funding capital expenditure requirements to expand manufacturing, R&D facilities, long-term working capital requirements and general corporate purposes.
(With inputs from agencies)
