Cyient DLM Ltd., a unit of IT services firm Cyient Ltd., has set the price band for its Rs 700 crore initial public offering.
The electronic manufacturing services provider will issue fresh shares in a price band of Rs 250–265 apiece to raise as much as Rs 592 crore in the June 27–30 IPO at a valuation of Rs 2,100 crore, the management told BQ Prime's Sajeet Manghat on Thursday. The company has already raised Rs 108 crore by selling 4.08 million shares to Amansa Investments at Rs 265 apiece, according to a notification in the Financial Express newspaper.
Cyient holds a 92.84% stake in its subsidiary, while Amansa Investments has a 7.16% stake.
The IPO proceeds are earmarked for capex, debt payments, acquisitions, and general corporate purposes, according to its red herring prospectus. Axis Capital and JM Financial Ltd. are managing the issue.
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