The shares of the engineering company will be priced in the range of Rs 209-220. The public issue of Syrma SGS Technology will remain open till 18 August
After a gap of over two months, the market is set to launch another public issue. The Initial Public Offering of Syrma SGS Technology, a Chennai based company opens for subscription from today, 12 August.
The shares of the engineering company will be priced in the range of Rs 209-220. The public issue of Syrma SGS Technology will remain open till 18 August.
Investors can bid for a minimum of 68 shares in the Syrma SGS Technology IPO. At the upper range of the price band, bidders will have to shell out Rs, 14,960 for one lot of the shares. Retail investors can bid for a maximum of 13 lots in the Syrma SGS Technology public issue.
The share allotment of the Syrma SGS Technology public issue will take place on 23 August. The shares of the engineering company will list on the NSE and BSE on 26 August.
The face value of the Syrma SGS Technology shares is Rs 10. The IPO will consist of an Offer For Sale (OFS) of up to 3,369,360 shares by promoter Veena Kumari Tandon as well as a fresh issue of shares woth Rs 766 crore.
The OFS will be worth Rs 75 crore, taking the total issue size of the IPO to Rs 840 core. The proceeds from the fresh issue will be utilised by Syrma SGS Technology for working capital requirements, improving research facilities as well as expansion and setting up of manufacturing facilities.
The registrar of the Syrma SGS Technology IPO is Link Intime India Private Ltd. The book running lead managers are IIFL Securities Limited, ICICI Securities Limited and DAM Capital Advisors Limited.
According to the Red Herring Prospectus of the company, 35 percent of the issue will be set aside for retail investors. Of the remaining shares, 50 percent will be reserved for Qualified Institutional Buyers (QIBs and 15 percent of the issue will be booked for Institutional Investors (NII).
Established in 2004, Syrma SGS Technology is a technology-focused engineering and design company that has been involved in turnkey electronics manufacturing services. Syrma SGS Technology operates in several sectors including industrial appliances, consumer products, healthcare and IT industries.