Cyient DLM Ltd. shares listed at Rs 403 apiece on the NSE, a premium of 52.07% to their IPO price of Rs 265 apiece. On the Bombay Stock Exchange, the stock debuted at Rs 401, a 51.32% premium.
The shares ended at a premium of 58.77% over the IPO price, and it rose 4.93% from its listing price to end at Rs 420.75 apiece.
The electronics manufacturing services company share sale was subscribed 67.31 times with institutional buyers leading the demand. The QIB portion was subscribed 90.44 times, whereas the non-institutional investors portion saw 45.05 times subscription. The retail portion was subscribed 49.22 times, whereas the basket reserved for employees was subscribed 2.45 times. The Rs 592-crore IPO was fully subscribed on the first day.
On the first day, the issue was subscribed 2.65 times, and 7.6 times on the second day. Proceeds from the IPO will be utilised for funding working capital requirements, capital expenditure, debt repayments, acquisitions and other general corporate purposes.
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.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
