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Business News/ Markets / Ipo/  Syrma SGS Technologies shares make strong debut on Dalal Street

Syrma SGS Technologies share have made strong debut on Dalal Street today. As expected by various market experts, shares of Syrma SGS Technologies have opened on BSE at 262 apiece levels, delivering around 19 per cent listing premium to the allottees against the issue price of 2.9 to 220 per equity share.

Syrma SGS Technologies share price today opened on BSE at 262 and went on to hit intraday high of 293 apiece levels, delivering around 33 per cent listing premium to the lucky allottees. Syrma SGS Technologies shares made intraday low of 257 apiece on BSE within minutes of its listing on the Indian bourse.

Syrma SGS Technology IPO had a fresh issue of equity shares aggregating to 766 crore and an offer for sale of up to 33,69,360 equity shares. The company said that the net proceeds from the fresh issue will be utilised for funding capital expenditure requirements to expand manufacturing, R&D facilities, long-term working capital requirements and general corporate purposes.

Speaking on strong listing of Syrma SGS Technologies shares, Ravi Singhal, CEO at GCL Securities said, “Those who have short term view are advised to book profit and exit whereas those who have a long term view, they can hold the stock for more gains as the stock looks strong from fundamental perspective."

Echoing with Ravi Singhal's views, Manoj Dalmia, Founder & Director at Proficient Equities said, “The segment in which SSTL is operating is also poised for bright prospects ahead and investors may consider it with medium to long-term perspectives."

The public issue was subscribed 32.61 times whereas its retail portion was subscribed 5.53 times. It was subscribed 87.56 times in QIB category whereas its NII portion got subscribed 17.50 times.

Syrma SGS Technology, incorporated in 2004, is a Chennai-based technology-focused engineering and design company engaged in turnkey Electronics Manufacturing Services (EMS). Its customers include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes and Total Power Europe BV.

It operates through eleven manufacturing facilities in Himachal Pradesh, Haryana, Uttar Pradesh, Tamil Nadu and Karnataka and has three R&D facilities which are located in Tamil Nadu, Haryana, and Germany.

Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Updated: 26 Aug 2022, 10:18 AM IST
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