SAN JOSE – Electronics manufacturer Syrma SGS Technology filed for an initial public offering, looking to raise between Rs 10 billion and Rs 12 billion (US$130.9 million to US$157.1 million).

The company may also consider raising Rs 1.8 billion via a pre-IPO placement before filing its red herring prospectus; if so, the issue size will be altered accordingly.

The issue comprises a fresh issue of shares worth Rs 9.26 billion and an offer for sale up to 3,369,360 equity shares by Veena Kumari Tandon.

The net proceeds from the fresh issue will be used for funding capital expenditure requirements to expand manufacturing and R&D facilities, funding long-term working capital requirements besides general corporate purposes.

The firm currently operates 11 manufacturing facilities in India and three dedicated R&D facilities, two in India and one in Stuttgart, Germany.

Revenues grew at a CAGR of 5.9% from over Rs 1 billion in 2019 to Rs 1.17 billion in 2021.

Ed.: Rs 1 = US$0.013

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