Syrma SGS Technology shares are expected to be allotted on August 23. The shares are expected to list on the BSE and NSE on August 26th.
Representative picture. News18
After a bleak two and a half months, Syrma SGS Technology’s IPO has caused a stir among investors. The company’s public edition was well received, drawing 32.61 subscriptions. The retail portion was posted 5.53 times. The enthusiasm of the investors was also noticed by the gray market. Syrma SGS Technology’s Gray Market Premium (GMP) reportedly increased to Rs.59 after the completion of the public offering. This marks a significant jump of Rs 13 from the company’s GMP on the final day of the tender.
What does that mean?
GMP or Gray Market Premium indicates at what price the company’s shares should be listed on the stock exchanges. As the GMP states, Syrma SGS Technology stock is expected to trade at a premium of Rs 59. This means the stock could trade around 27 percent higher than its price range of Rs 209-220.
However, investors should be aware that there are other factors that affect the listing price of a company’s shares. Prospects should take a close look at a company’s financials to get a more concrete picture of listing opportunities.
Stock Allocation:
Syrma SGS Technology shares are expected to be allotted on August 23. The shares are expected to list on the BSE and NSE on August 26th.
Public Issue Details:
The Syrma SGS Technology IPO opened on August 12th. The public offering, which closed on Aug. 18, received bids for 6,48,39,020 shares versus the 2,85,63,816 shares on offer, according to data from the exchanges.
The IPO, valued at Rs 840 crore, consists of a new issue of Rs 766 crore and an offer to sell shares valued at Rs 74 crore. The money will be used by the Chennai-based company to fund its working capital needs, establish R&D facilities and expand its manufacturing capabilities.
Syrma SGS Technology is one of the fastest growing electronic system design and manufacturing companies in the country. The company has been active in the field of turnkey electronics manufacturing (EMS) since its establishment in 2004.
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