Syrma SGS Technology makes stock market debut at 19 per cent premium

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Mumbai (Maharashtra) [India], August 26 (ANI): Electronics manufacturing services company Syrma SGS Technologies on Friday made a strong debut on Dalal Street with the stock starting the trade at Rs 262 on the BSE, around 19 per cent higher than its issue price of Rs 220 per equity share.

On the National Stock Exchange (NSE) Syrma SGS Technologies made its debut at Rs 260 per equity share.

On the BSE the stock started the trade at Rs 262 apiece and surged to a high of Rs 296.75 in the morning trade.

At 12.16 on the BSE, Syrma SGS Technologies’ share was trading at Rs 294.50, which is 33.86 per cent higher than its issue price of Rs 220 or 12.40 per cent higher than its open price of Rs 262.

“Trading Members of the Exchange are hereby informed that effective from August 26, 2022, the equity shares of Syrma SGS Technology Ltd (Scrip Code: 543573) are listed and admitted to dealings on the Exchange in the list of ”B” Group Securities,” Syrma SGS Technology Ltd said in a regulatory filing to the BSE.

The initial public offering (IPO) of Syrma SGS Technology was subscribed 32.61 times during August 12-18. The price band for the IPO was Rs 209-220 per share.

Syrma SGS Technology has raised Rs 840 crore through its maiden IPO. Out of these, Rs 766 crore has been raised through a fresh issue of equity shares. The company plans to use this money for expansion, working capital, and general corporate purposes. The rest amount was through an offer for sale by the existing shareholders.

Chennai-based Syrma SGS Technology is a technology-focused engineering and design company engaged in turnkey Electronics Manufacturing Services (EMS). The company was incorporated in 2004. (ANI)