The IPO of electronic systems design and manufacturing company Syrma SGS Technology was 32.61 times subscribed on the last day of bidding.

Syrma is the first company to go public through an IPO in more than two months, and its success may prompt naysayers to roll out their issues as well.

The offer received 931.4 million shares, compared with about 28.5 million shares in the offer, according to data obtained on the exchange as of 5 pm Thursday.

Qualified institutional investors subscribed 87.56 times, and non-institutional investors subscribed 17.5 times. Retail investors subscribed 5.53 times.

The company aims to raise Rs 8.4 billion at the high end of the Rs 209-220 price range.

The IPO consists of an issue of new shares totalling Rs 7.66 billion and an offer to sell up to 3.36 million shares.
The company had earlier raised Rs 2.52 billion from lead investors.

Dam Capital Advisors, ICICI Securities, and IIFL Securities are the book-runners for the offering.