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Surat-based Sysco Industries Limited set a record on the junior bourse, SME Platform as the company received record bids -- ten times the total shares offered for its initial public offer.
Investors thronged the SME-IPO worth Rs 2.17 crore of the packaging and film making firm, which had opened for subscription on March 31 to April 5, 2016.
The Issue which was oversubscribed before closure of the Issue, proved a magnetic attraction among investors, the lead manager of the issue Pantomath Capital Advisors informed.
The Issue comprised 21.70 Lakhs Equity Shares at a fixed price of Rs. 10 per share. The net proceeds from the IPO would be used for working capital requirements. The Issue constituted 27.28 per cent of the post IPO paid up equity share capital of the Company.
The investors for Sysco's IPO included HNIs and Corporate institutions besides retail. "Sysco is the exceptional IPO to receive large Retail Participation. This is also an indication of growing popularity of BSE SME Exchange. The market analysts and investors are quite positive on the Exchange becoming a giant for the capital market," Pantomath informed.
Set up in 2009, Sysco has its packaging material making facilities located at Kim on the outskirts of Surat. The company's turnover increased from Rs 43.60 crore in fiscal 2013-14 to Rs 75.99 crore in 2014-15.
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