Syrma SGS Technology's initial public offering (IPO) to raise up to Rs 840 crore was subscribed 77 percent so far on Tuesday, the second day of the bidding process. The share sale — the first in 11 weeks — will close for subscription on August 18. The IPO is a combination of fresh issuance of shares worth up to Rs 766 crore and an offer for sale worth up to Rs 74 crore by existing shareholders.

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By 2 pm on Tuesday, the Syrrma SGS IPO received bids for 2.2 crore shares as against the total 2.9 crore crore shares on offer — an overall subscription of 77 percent, according to provisional exchange data.

The IPO has received a strong response from retail investors so far.

Potential investors will be able to bid for Syrma SGS shares in a range of Rs 209-220 apiece in multiples of 68 under the subscription window.

Simply put, one lot of Syrma shares will cost investors up to Rs 14,960.

Syrma SGS Technology is a Chennai-based engineering and designing company that provides solutions and integrated services to original equipment manufacturers.

Syrma SGS commanded a premium of Rs 20-28 in the grey market — or an unofficial market for unlisted securities — in the run-up to the IPO. Learn about what grey market really is

The initial share sale of Syrma comes at a time when the headline indices on Dalal Street have scaled four-month highs but are yet to revisit their record highs of October 2021. Many experts believe high valuations are likely to prevent the Nifty50 from making new highs for the time being.

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The company aims to use the proceeds from the IPO to fund its capex and working capital requirements, and for general corporate purposes.

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