Syrma SGS Technology IPO: The Initial Public Offering (IPO) of the Chennai-based engineering and design company is going to hit primary markets this week. As per the Red Herring Prospectus (RHP) of Syrma SGS Technology IPO, the public issue is going to open for subscription on 12th August 2022 and it will remain open for bidding till 18th August 2022. Company has fixed Syrma SGS Technology IPO price band at Rs209 to Rs220 per equity share. However, shares of Syrma SGS Technology Limited are available for trade in grey market as well. According to market observers, shares of Syrma SGS Technology are available at a premium of Rs30 in grey market today.

Syrma SGS Technology IPO GMP

As mentioned above, stock market observers said that Syrma SGS Technology IPO grey market premium (GMP) today is Rs30, which is Rs3 up from its yesterday morning GMP of Rs27. They said that Syrma SGS Technology shares became available for trade in the grey market on Monday morning session at a premium of Rs27 per equity share. Syrma SGS Technology shares finished at a premium of Rs30 in the grey market after the market close on Monday. As today is stock market holiday, Syrma SGS Technology IPO GMP is expected to remain at Rs30 till Indian stock market reopens on Wednesday.

What this GMP mean?

According to market observers, Syrma SGS Technology IPO GMP today is Rs30 that means grey market is expecting that the stock will list at a premium of Rs30 and it may list around Rs250 ( Rs220 Rs30), which is more than 13 per cent from its upper price band of Rs220 apiece.

However, stock market experts said that grey market is not the ideal data to decide whether the public issue will deliver profit or loss. One should look at the financials of the company as it is a concrete data and it speaks about the exact fundamentals of the company.

Syrma SGS Technologies IPO details

The IPO consists of a fresh issue of equity shares aggregating to Rs 766 crore and an offer for sale (OFS) of up to 3,369,360 equity shares.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15 per cent of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.

Promoted and led by Sandeep Tandon and Jasbir Singh Gujral, Syrma SGS, is a technology-focused engineering and design company engaged in turnkey electronics manufacturing services (“EMS") specializes in precision manufacturing.