After making a strong stock market debut on Friday, Syrma SGS Technology’s share price climbed for a second day in a row, with shares up more than 7%. ¥342 each for BSE in Monday’s early session despite the benchmark Sensex dropping nearly 800 percentage points or more than 1%.

Shares of Sirma SGS Technology closed at a premium of more than 42% to its IPO issue price on its first trading day on Friday. ¥220 sheets each. Sirma SGS Technology’s initial public offering (IPO) saw him subscribe 32.61 times on the last day of public issue.of ¥840 million IPOs received bids of 93,14,84,536 shares against offers of 2,85,63,816 shares.

“The company’s successful listing can be attributed to positive market sentiment, an excellent outlook, and a positive response from investors. The company has been able to tap into different growth areas: the company’s geographically diverse manufacturing base and business model that focuses on every segment of the industry-wide value chain, starting with the design of product concepts, It gives us a competitive advantage over other players.”

The IPO of Silma SGS Technology was accompanied by a new issue of shares. ¥$766 million, offer to sell up to 33,69,360 shares. The price of the first stock sale is ¥209-220 per share.

The company said net proceeds from the new issuance will be used to finance manufacturing, research and development facilities, long-term working capital requirements and capital expenditure requirements to expand its general corporate objectives.

Established in 2004, Syrma SGS Technology is a technology-focused engineering and design company based in Chennai, 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.

It has 11 manufacturing facilities in Himachal Pradesh, Haryana, Uttar Pradesh, Tamil Nadu and Karnataka and 3 R&D facilities in Tamil Nadu, Haryana and Germany.

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