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Business News/ Markets / Stock Markets/  Synoptics Technologies SME IPO: Stock hits 5% lower circuit after listing flat on NSE SME
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Synoptics Technologies SME IPO: Stock hits 5% lower circuit after listing flat on NSE SME

Synoptics Technologies Ltd's shares listed flat at ₹238 on the NSE SME. The IPO was subscribed 2.66 times on Day 4, with positive response from retail investors. The company reported revenues of ₹34.6 crore and a net profit of ₹5.25 crore for the quarter ending in December 2022.

Synoptics Technologies SME IPO lists on NSE SME exchange on Thursday.Premium
Synoptics Technologies SME IPO lists on NSE SME exchange on Thursday.

Synoptics Technologies Ltd shares were listed flat at 238 on the NSE SME on Thursday. The company set a price band of 237 apiece. Post listing, Synoptics Technologies shares hit 5% lower circuit at 226.10.

Synoptics Technologies Ltd opened for public subscription on Friday, June 30 and closed on Wednesday, July 5.

The SME IPO of Synoptics Technologies Ltd was subscribed 2.66 times on Day 4. The issue received positive response from retail investors, who's portion set was subscribed 2.54 times, followed by non-institutional bidders (NII) portion set was subscribed 2.58 times, according to data on chittorgarh.com.

On day 1, the issue was subscribed 25%, where retail portion was booked 20% and NII portion saw 12% subscription, and on day 2 the issue was subscribed 62%, and on day 3 the IPO was subscribed 1.53 times.

Synoptics Technologies IPO: GMP, subscription status on Day 4 and other issue details you need to know

According to the reports, the IPO consists of a fresh equity offering of up to 14.8 lakh equity shares and an offer to sell 8 lakh equity shares. Investors can bid for 600 shares in one lot and the company will offer its shares at a price band of 237 per share.

The public offering's net proceeds will be utilised to various debt repayments, working capital needs, strategic acquisition investments, and other business-related purposes.

Retail investors were entitled to about 50% of the offer, with the remaining 50% allocated for other investors.

The issue's lead manager is First Overseas Capital, and the registrar is Bigshare Services.

The company reported revenues of 34.6 crore and a net profit of 5.25 crore for the quarter ending in December 2022, according to reports.

Synoptics Technologies IPO: Issue price fixed. GMP, other details of SME issue

Synoptics Technologies is an IT services provider that offers solutions in the areas of IT Infrastructure, such as connectivity to the branches, supply, implementation, and support of the necessary network equipment, such as routers and switches, to run the IT setup. The business creates solutions for clients who must host their apps in the cloud.

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Published: 13 Jul 2023, 10:03 AM IST
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