The initial public offering (IPO) of Synoptics Technologies is now open for subscription. The issue has received good response so far with the subscription reaching 0.62 per cent on the second day of the offer.
IT services and solutions provider Synoptics Technologies has fixed a price of Rs 237 a share for its initial offer sale, which opened on June 30. The IPO will conclude on July 5. The minimum application size is 600 shares and multiples thereafter.
The IPO has witnessed a significant jump in its Grey Market Premium (GMP), which currently stands at Rs 25 per share, indicating a positive market sentiment towards the issue.
Its shares will be listed on NSE Emerge, a platform for small and medium enterprises, the company said in a statement.
The total size of the public issue is 22.80 lakh shares. The IPO aims to raise Rs 54.04 crore.
The issue comprises of fresh issue of 14.80 lakh equity shares amounting to Rs 35.08 crore and an offer for sale (OFS) of up to 8 lakh shares worth Rs 18.96 crore. The book-running lead manager to the IPO is First Overseas Capital Ltd.
Proceeds from the issue will be utilised for repayment of certain borrowings, funding additional working capital requirements, investment in strategic acquisition/ joint venture, and general corporate purposes.
Synoptics Technologies specialises in providing comprehensive IT infrastructure solutions to its clients. The Mumbai-based company emboasts a clientele comprising a wide range of esteemed B2B customers, including Tata Communications, BSNL, Aditya Birla Group, State Bank of India, Hennes & Mauritz Retail Pvt Ltd (H&M) and Gujarat government, among others, the statement said.
(With Agency Inputs)
