Engineering player Syrma’s IPO subscribed 35x – Times of India

MUMBAI: The initial public offer (IPO) of Syrma SGS Tech was subscribed 35 times. The main board offer that was launched after a dry run of nearly three months mobilised about Rs 20,500 crore against the bidding size of Rs 588 crore.
The company had also raised Rs 282 crore through the anchor route a day prior to opening of the issue.
The last major IPO was for Aether Industries, which had closed on May 26 this year, NSE data showed. According to DAM Capital Advisors MD Dharmesh Mehta, the lead merchant banker to the offer, because of high volatility in the market promoters were cautious about launching an IPO.
“Hopefully, the rub-off effect of the success of Syrma SGS would restore confidence among promoters and open the floodgates for many more issues.”
Syrma SGS is a 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.