Syrma SGS Technology subscribed 37% on the first day of issue

Day one: Syrma SGS subscribed 37% The Initial public offering (IPO) of Syrma SGS Technology garnered 37 per cent subscription on Friday, the first day of the issue. A day earlier, the company had allotted shares worth Rs 252 crore to anchor investors.

Syrma SGS’ IPO is the first issue to hit the market in nearly three months. The last IPO to hit the market was of, specialty chemicals firm, Aether Industries’ on May 24. Syrma SGS, an electronic systems design and manufacturing firm, has set the price band for its IPO at Rs 209-220 per share. At the top-end, the company will be valued at Rs 3,877 crore. Through the IPO, the company is planning to raise Rs 766 crore by issuing fresh shares.