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Syrma SGS IPO Lists At A Premium Of Over19%; Gains Up To 33% So Far
Syrma SGS shares listed at a premium of over 19% at Rs. 262 per share on the BSE. While on the NSE, Syrma SGS shares debuted at Rs. 260 per share against the IPO price of Rs. 220. At day's high so far, the stock struck good gains and scaled up to Rs. 293.3 per share on the NSE.
Ahead of its listing, Syrma shares in the grey market or the market for unlisted securities traded at a premium of Rs. 54 on Thursday.
Syrma SGS- the manufacturer of electronic products launched a Rs. 840 crore IPO including fresh issue of Rs. 766 crores and an OFS of up to 3,369,360 equity shares from existing shareholders. The shares under the offer were sold in the price band of Rs. 209-220.
The issue received an overwhelming response and was oversubscribed 32.61 times. Syrma had been the first company to launch the IPO after a gap of more than 2 months.
On the expected listing price for the issue, Ravi Singhal, CEO at GCL Securities said, "Both market mood and company's fundamentals are positive for the IPO listing. The stock may list above Rs. 300 apiece levels. In bulls case it may list around Rs. 315-320 apiece levels whereas in bear case Syrma SGS Technologies shares may list around Rs. 300-305 per share levels."
