The initial public offer (IPO) of electronic manufacturing services firm Syrma SGS Technology received bids for 93,14,84,536 shares as against 2,85,63,816 shares on offer. The issue was subscribed 32.61 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 87.56 times. The Non Institutional Investors (NIIs) category was subscribed 17.50 times. The Retail Individual Investors (RIIs) category was subscribed 5.53 times.

The IPO, with a price band of Rs 209-220 a share, was open for public subscription between 12 to 18 August 2022.

The public issue comprised 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, a promoter. Post OFS the shareholding of Veena Kumari Tandon will be 0.86% of the expanded equity.

The net proceeds from the fresh issue will be utilised for funding capital expenditure requirements to expand manufacturing, R&D facilities, working capital requirements and general corporate purposes.

Ahead of the IPO, the company on 11 August 2022 raised Rs 252 crore from anchor investors. It allocated a total of 1,14,56,261 equity shares to anchor investors at Rs 220 each, aggregating the transaction size to Rs 252.04 crore.

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

The company reported net profit of Rs 30.61 crore and sales of Rs 646.26 crore in the year ended March 2022.