Today, Syrma SGS Technologies stock had a successful debut on Dalal Street. Shares of Syrma SGS Technologies have opened on the BSE for 262, as predicted by a number of market analysts, giving the allottees a listing premium of about 19% compared to the issue price of 2.9 to 220 per equity share.
Today’s BSE opening price for Syrma SGS Technologies shares was 262, eventually reaching an intraday high of 293 per share, giving the fortunate allottees a listing premium of about 33%. Within minutes of being listed on the Indian stock exchange, Syrma SGS Technologies shares hit an intraday low of $257 per share on the BSE.
A new issue of equity shares totalling 766 crore rupees and an offer to sell up to 33,69,360 equity shares were both included in the Syrma SGS Technology IPO. According to the company, the net proceeds from the new issue will be used to cover long-term working capital needs, general corporate purposes, and capital expenditures needed to expand production and R&D facilities.
Ravi Singhal, CEO of GCL Securities, commented on the strong listing of Syrma SGS Technologies shares, saying, “Those who have a short term view are advised to book profit and exit whereas those who have a long term view, they can hold the stock for more gains as the stock looks strong from a fundamental perspective.”
Manoj Dalmia, the founder and director of Proficient Equities, agreed with Ravi Singhal’s assessment: “Investors may analyse the sector in which SSTL is functioning with medium- to long-term perspectives.”
The retail portion of the offer was subscribed 5.53 times, compared to 32.61 times for the public issue. It received 87.56 subscriptions in the QIB category, compared to 17.50 subscriptions in the NII category.
Engineering and design firm Syrma SGS Technology, founded in 2004, is situated in Chennai and provides complete Electronics Manufacturing Services (EMS). TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solutions, Eureka Forbes, and Total Power Europe BV are just a few of the company’s clients.