Syrma provides integrated services and solutions to original equipment manufacturers, from the initial product concept stage to volume production through concept co-creation and product realization.
Syrma SGS Technology shares clocked 19 percent gains on August 26 debut marking the first listing in the last three months. The stock listed at Rs 262 on the BSE against issue price of Rs 220, while the opening on the National Stock Exchange was at Rs 260.
The recovery in equity markets and strong subscription data, along with good financial performance of the company, boosted the stock price on day one at Dalal Street.
The initial public offering of the electronics manufacturing services company saw healthy interest from investors, getting subscribed 32.61 times during August 12-18. The major support came from qualified institutional buyers who purchased their quota 87.56 times. Non-institutional investors also showed good interest in the issue, booking their portion 17.5 times. The retail quota was subscribed 5.53 times.
Syrma SGS Technology has mobilized Rs 840 crore through its maiden public offer, of which Rs 766 crore will go into expansion, working capital, and general corporate purposes.
The price band for the offer was Rs 209-220 per share, while the pre-IPO placement price was Rs 290 per share. The public issue had received a subscribe rating from most analysts given the positive segment outlook, superior technology-based manufacturing, and diversified product portfolio.
Syrma provides integrated services and solutions to original equipment manufacturers, from the initial product concept stage to volume production through concept co-creation and product realization.
India’s electronics manufacturing services addressable market is likely to clock 30 percent compound annual rate during FY21-FY26 to reach $135 billion by FY26. The market is expanding on the back of the China+1 strategy, import substitution, Make in India, and government incentives.
