The ₹840-crore initial public offering (IPO) of Syrma SGS Technology has been subscribed 32.61 times on the last day on Thursday. The IPO received bids for 93.14 crore shares against 2.86 crore shares on offer, according to data available with the exchanges.

While the portion reserved for for non-institutional investors got subscribed 17.50 times, retail Individual Investors’ (RIIs) quota received bids for 5.53 times and qualified institutional buyers (QIBs) 87.56 times with both FIIs and domestic funds bidding aggressively.

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The IPO has a fresh issue of equity shares aggregating to ₹766 crore and an offer for sale of up to 33.69 lakh shares. The price range for the offer is at ₹209-220 per share.

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Ahead of the public issue, Syrma SGS Technology last week raised ₹252 crore from anchor investors. Among the anchor investors included Nomura, Kuber India Fund, BNP Paribas Arbitrage, Aditya Birla Sun Life Insurance Company, ICICI Prudential Mutual Fund, Tata MF, Edelweiss MF and IDFC MF.

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Utility of funds

The company will use net proceeds of the fresh issue to fund capital expenditure requirements to expand manufacturing, R&D facilities, long-term working capital requirements and general corporate purposes.

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 BV.

DAM Capital Advisors, ICICI Securities and IIFL Securities are the managers to the offer.

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