Bumper Debut! Sathlokhar Synergys E&C Global lists at ₹260 on NSE Emerge, a 85.7% premium to IPO price

Shares of Sathlokhar Synergys E&C Global made a stellar debut on the SME exchange today, August 6. The stock listed at ₹260 per share on the NSE Emerge platform, a premium of 85.7 percent to its issue price of ₹140.

The ₹92.93 crore initial public offering (IPO) was open for subscription between July 30-August 1 at a price band of ₹113-140 per share.

Subscription

The issue witnessed phenomenal demand in its 3 days of bidding. The IPO was overall subscribed 211.13 times with investors bidding for 89.26 crore shares as against 42.28 lakh on offer. The Non Institutional Investors category was subscribed the most 382.11 times followed by the Qualified Institutional Buyers quota, which was bid 171.55 times. Meanwhile, the Retail Investor portion was also subscribed a massive 160.47 times.

IPO Details

The SME IPO consisted entirely of a fresh issue of 66.38 lakh shares, with no offer for sale component. The minimum lot size for an application is 1,000 shares, requiring a minimum investment of ₹1,40,000 from retail investors. High Net-worth Individuals (HNIs) must invest in a minimum of 2 lots (2,000 shares), totaling ₹2,80,000.

The company plans to use the proceeds from the issue to fund working capital requirements, strategic initiatives, brand building, operational expenses, and general corporate purposes.

GYR Capital Advisors Private Limited is the book-running lead manager for the Sathlokhar Synergys E&C Global IPO, while Purva Sharegistry India Pvt Ltd is the registrar. Giriraj Stock Broking is the market maker.

Sathlokhar Synergys E&C Global Ltd is an integrated Engineering, Procurement, and Infra Turnkey Construction (EPC) company, offering services from design and planning to execution and commissioning. It specializes in Mechanical, Electrical, Plumbing (MEP) installations, HVAC, and Utilities. The company is also an authorized channel partner for Tata Power Solar Systems Ltd.

Promoted by G Thiyagu, Sangeethaa Thiyagu, and Dinesh Sankaran, Sathlokhar reported a net profit of ₹26.21 crore and revenue of ₹246.97 crore in FY24, compared to a net profit of ₹5.45 crore and revenue of ₹87.15 crore in FY23.