Syrma SGS Technologies shares make a strong debut on Dalal Street

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Shares of Syrma SGS Technologies began trading on BSE at 262.

The Dalal Street listing of Syrma SGS Technologies stock was accomplished today. As various market observers had predicted, Syrma SGS Technologies shares opened on the BSE for 262, giving the holders of the shares a listing premium of around 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, and they eventually reached an intraday high of 293 per share, giving the fortunate allottees a listing premium of about 33%.

Syrma SGS Technologies shares reached an intraday low of $257 per share on the BSE just minutes after being listed on the Indian stock exchange. The Syrma SGS Technology IPO contained both a new issue of equity shares with a total value of 766 crore rupees and an offer to sell up to 33,69,360 equity shares. The net proceeds from the new issue, according to the business, will be applied to long-term working capital requirements, general corporate objectives, and capital expenditures required to increase production and R&D facilities.

“Those who have a short term view are advised to book profit and exit while those who have a long term view, they can hold the stock for more gains as the stock looks strong from a fundamental perspective,” said Ravi Singhal, CEO of GCL Securities, in response to the strong listing of Syrma SGS Technologies shares.

Manoj Dalmia, founder and director of Proficient Equities, echoed Ravi Singhal’s sentiments when he said, “Investors may approach it with medium- to long-term perspectives as the segment in which SSTL is functioning is also primed for great possibilities ahead.”

The retail portion of the issue was subscribed 5.53 times, while the public issue was subscribed 32.61 times. It received 87.56 QIB subscriptions while only receiving 17.50 NII subscriptions.

A technology-focused engineering and design firm situated in Chennai, Syrma SGS Technology was founded in 2004 and provides comprehensive Electronics Manufacturing Services (EMS). In addition to TVs Motor Company and Eureka Forbes, its clients also include AO Smith India Water Products, Robert Bosch Engineering, Business Solution, and Total Power Europe BV.

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