Cyient DLM IPO Subscribed 7.6 Times On Day 2
Cyient DLM Ltd. launched its initial public offering on Tuesday to raise as much as Rs 592 crore. On the first day, the issue was subscribed 2.65 times, with retail investors and HNIs driving demand.
On day 2, the IPO was subscribed 7.6 times as of 5.00 pm and the bidding was lead by retail individual investors.
The three-day maiden share sale will close on June 30. Proceeds from the IPO will be utilised for funding working capital requirements, capital expenditure, debt repayments, acquisitions and other general corporate purposes.
Cyient DLM IPO: Key Details
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
Cyient DLM provides electronics manufacturing services to a clientele including Honeywell International Inc., Thales Global Services SAS, ABB Inc., and Bharat Electronics Ltd.
The company manufactures 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 for a variety of sectors.
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.
Subscription Status: Day 2
The IPO had been subscribed 7.6 times as of 5:00 p.m. on June 28.
Institutional investors: 0.91 times, or 91%
Non-institutional investors: 11.24 times
Retail investors: 24.02 times
Employee reserved:1.09 times
All You Need To Know About Cyient DLM's IPO:
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