Cyient DLM IPO Subscribed 2.65 Times On Day 1

Cyient DLM Ltd. launched its maiden public offering on Tuesday to raise as much as Rs 592 crore at the upper range of its price bank. The IPO closes on June 30.

The clientele Cyient DLM caters to include Honeywell International Inc., Thales Global Services SAS, ABB Inc., and Bharat Electronics Ltd.

The electronics management services company is involved in manufacturing of printed circuit boards, cable harnesses, and box builds used in safety-critical systems such as cockpits, in-flight systems, landing systems, and medical diagnostic equipment.

The global EMS market is addressed by more than 1,000 companies, with the top 10 firms contributing 53% to the industry. Hon Hai Technology, or Foxconn, is the market leader and is followed by Pegatron, Quanta, and Wistron, all of which have recently set up shop in India.

Cyient DLM doesn’t have a direct Indian rival.

• Dates: June 27–30, 2023.

• Issue size: Rs 592 crore.

• Face value: Rs 10 per share

• Price: Rs 250–265 per share.

• Fresh issue: 2,23,39,623 shares.

• Lot size: 56 shares.

• Listing: BSE and NSE

The company has already raised Rs 108 crore by allotting 4.08 million shares to Amansa Investments at Rs 265 apiece in a pre-IPO placement, according to a notification. Axis Capital Ltd. and JM Financial Ltd. are book-running lead managers of the issue