The initial public offer (IPO) of electronic manufacturing services firm Syrma SGS Technology received bids for 2,62,69,148 shares as against 2,85,63,816 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (16 August 2022). The issue was subscribed 0.92 times.

The IPO, with a price band of Rs 209-220 a share, will remain open for public subscription during 12 to 18 August 2022. An investor can bid for a minimum of 68 equity shares and in multiples thereof.

The public issue comprises 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.