Syrma SGS Technology IPO To Open On August 12: Check Key Details

Syrma SGS Technology- an engineering and design entity is set to launch its public issue or initial public offer on August 12. The IPO shall close on August 18, 2022. The anchor book shall open on August 11.

The company has announced the price band for its IPO at Rs. 209-220 per share. The firm aims to garner a total of Rs. 840 crore considering the upper end of the price band.

The company, in consultation with its book-running lead managers (BRLMs), garnered a sum of Rs. 110 crore through pre-IPO placement by allotting 37,93,103 equity shares for Rs 290 apiece.

Notably this shall be the first public issue in the last 2.5 months.

The IPO comprises fresh issuance of shares amounting to Rs. 766 crore and an offer for sale of up to 3.37 million shares by promoter Veena Kumari Tandon.

The proceeds from the fresh equity issue shall be put to fund capex requirement for strengthening manufacturing as well as R&D facilities and also to finance long term working capital needs, said the company in its DRHP.

Investors can apply for a minimum of 68 equity shares and in multiples of 68 equity shares thereafter.

Syrma SGS, a Chennai based company, is a leader in innovation and manufacturing for 40 years. The company carries out turnkey electronic manufacturing that specializes in precision manufacturing and caters to various industries such as automotive, healthcare, IT, consumer products and industrial appliances.

The company's revenue for Fy22 grew 43% YoY to Rs. 1267 crore and net profit came at Rs. 76.46 crore, up 17%.

DAM Capital Advisors, ICICI Securities and IIFL Securities are the book-running lead managers for the offer, while Link Intime India is the registrar to the issue.