Operating through eleven manufacturing facilities in India, Syrma SGS Technologies’ Initial Public Offering(IPO) continues to receive more investors. The grey market premium(GMP) has jumped from ₹36 per equity share to ₹59 per equity share. So far for the 4-day subscription of the public issue worth ₹840 crore, got subscribed 32.61 times whereas its retail portion was subscribed 5.53 times. It is said that this is mainly due to strong secondary market sentiments.
The Indian stock market ended in the green zone for the eighth straight session last Thursday. The IPO GMP of the company surged from ₹20 to ₹48 during subscription, which augurs well for the public offer, even though much depends upon the market sentiments on the listing day.
The portion reserved for qualified institutional investors was subscribed 87.56 times, while the quota set aside for non-institutional investors was subscribed 17.50 times.
Retail investors put in bids 5.53 times their reserved portion.
These investments are said to be used for funding capital expenditure requirements to expand manufacturing and R&D facilities; funding long-term working capital requirements besides and general corporate purposes.
