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Business News/ Markets / Stock Markets/  Syrma SGS Technology shares extend gains on second day despite weak markets
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Syrma SGS Technology shares extend gains on second day despite weak markets

Syrma SGS Technology shares ended with over 42% premium in the debut trade on Friday against the issue price of ₹220

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After making a strong stock market debut on Friday, shares of Syrma SGS Technology extended gains for the second straight day as the stock rallied more than 7% to 342 apiece on the BSE in Monday's early session even as benchmark Sensex was down nearly 800% points or over a per cent.

Syrma SGS Technology shares ended with more than 42% premium on its first trading day on Friday as against its IPO issue price of 220 apiece. The Initial Public Offer (IPO) of Syrma SGS Technology was subscribed 32.61 times on the final day of its public issue. The 840 crore-IPO received bids for 93,14,84,536 shares against 2,85,63,816 shares on offer.

“The company’s good listing can be attributed to positive market sentiments, outstanding prospects, and a good response from the investors. With a huge focus on R&D-based innovation and an experienced management team, the company has managed to enter into various growing segments. The company’s geographically diversified manufacturing locations and the business model which starts from product concept design & focuses on every segment of the overall industry value chain give them a competitive advantage over other players," said Santosh Meena, Head of Research at Swastika Investmart Ltd.

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 initial share sale was priced in the range of 209-220 per share.

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.

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.

 

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Published: 29 Aug 2022, 12:08 PM IST
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