Synoptics Technologies IPO Final Subscription Details

The IPO of Synoptics Technologies Ltd closed on Wednesday, 05th July 2023. The IPO had opened for subscription on 30th June 2023. Let us look at the final subscription status of Synoptics Technologies Ltd at the close of subscription on 05th July 2023.

A quick word on Synoptics Technologies Ltd and the SME IPO

Synoptics Technologies Ltd, is an SME IPO on the NSE which opened for subscription on 30th June 2023. Synoptics Technologies Ltd, is a fixed price SME IPO on the NSE priced at ₹237 per share. The company, Synoptics Technologies Ltd, was incorporated in 2008 to provide specialized solutions in very niche areas like IT infrastructure, branch connectivity, network implementation, network support, route set-up, switch set-up, configuration etc. Synoptics Technologies Ltd also designs solutions for clients looking to put their applications on the cloud, which includes cloud migration and cloud set-up.

Essentially, Synoptics Technologies helps small businesses, and the Government in their Digital journey. It has a premium B2B client list which includes names like TATA Communications, BOB Financial Services, Blue Dart Express, Lifestyle International, Shoppers Stop Limited, H&M Retail, GIC Housing Finance, Motilal Oswal Financial Services etc. It has also recently signed up to become the authorized private LTE partner for 5G services nationally, which is a premium offering. The company is headquartered in Mumbai and has 17 regional offices spread across.

The ₹54.07 crore IPO of Synoptics Technologies Ltd comprises of a fresh issue and an offer for sale. The total SME IPO of Synoptics Technologies Ltd entails issue of 22.80 lakh shares at which at the fixed IPO price of ₹237 per share which aggregates to ₹54.03 crore. The ₹54.03 crore IPO size is divided into a fresh issue of ₹35.08 crore and an offer for sale of ₹18.95 crore. The stock has a face value of ₹10 and retail bidders can bid in minimum lot size of 600 share each. Thus, the minimum investment of ₹142,200 in the IPO is the base limit. That is also the maximum that a retail investor can apply for in the IPO.

HNIs can invest in 2 lots of 1,200 shares worth ₹284,400 as the bare minimum investment. There is no upper limit for the HNI / NII category. Synoptics Technologies Ltd will deploy the funds for repayment of borrowings, strategic acquisitions and for working capital needs of the company. Post the IPO, the promoter equity in the company will get diluted from 100.00% to 73.11%. The issue is lead managed by First Overseas Capital Ltd, while Bigshare Services Private Ltd will be the registrars to the issue. Let us now turn to the final subscription details of the IPO as of the close of subscription on 05th July 2023.

Final subscription status of Synoptics Technologies Ltd

Here is the subscription status of the Synoptics Technologies Ltd IPO as at close on 05th July 2023.

The issue was only open for retail investors, QIBs and for the HNI / NIIs. There was a broad quote designed for each of the segments viz. the QIBs, the retail and the HNI NII. The table below captures the allocation reservation done for each of the categories out of the total number of shares offered in the IPO.

There was not anchor allocation for the IPO of Synoptics Technologies Ltd and the entire IPO was distributed among the retail investors and the HNI / NII investors only.

Day-wise Subscription story of Synoptics Technologies Ltd

The oversubscription of the IPO was marginal, across the retail investors and the HNI / NII investors. The table below captures the day-wise progression of the subscription status of Synoptics Technologies Ltd IPO.

It is clear from the above table that neither the retail portion nor the non-retail portion got fully subscribed on the first day of the IPO itself. In fact, the NII portion got subscribed only on the third day while the retail portion got fully subscribed only on the fourth day. However, the overall IPO got fully subscribed by the close of the third day itself. In fact, both the categories of investors viz., HNIs / NIIs and retail categories saw good traction and build-up of interest only on the last day of the IPO. There is an allocation of 114,000 shares to NNM Securities Ltd for market making, which is not included in the HNI / NII quota, but kept as a separate portion.

The IPO of Synoptics Technologies Ltd opened for subscription on 30th June 2023 and closed for subscription on 05th July 2023 (both days inclusive). The basis of allotment will be finalized on 10th July 2023 and the refunds will be initiated on 11th July 2023. In addition, the demat credits are expected to happen on 12th July 2023 and the stock is scheduled to list on 13th July 2023 on the NSE SME segment. This is the segment, in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated.