The initial public offer (IPO) of Cyient DLM received bids for 3,53,76,320 shares as against 1,33,32,297 shares on offer, according to stock exchange data at 17:03 IST on Tuesday (27 June 2023). The issue was subscribed 2.65 times.

The issue opened for bidding on Tuesday (27 June 2023) and it will close on Friday (30 June 2023). The price band of the IPO is fixed at Rs 250 -265 per share. An investor can bid for a minimum of 56 equity shares and in multiples thereof.

The issue comprises fresh issue of equity shares aggregating to Rs 592 crore. Of the net proceeds from the issue about Rs 291.09 crore will be utilized for funding incremental working capital, Rs 43.57 crore for capex, Rs 160.91 crore for repayment of borrowings and Rs 70 crore for achieving inorganic growth through acquisitions and balance for general corporate purposes.

As of 31 March 2023, its total borrowings amounted to Rs 314.47 crore which also included unsecured loans aggregating to Rs 153.56 crore from its promoter.

Ahead of the IPO, Cyient DLM on Monday, 26 June 2023, raised Rs 259.64 crore from anchor investors. The board allotted 97.98 lakh shares at Rs 265 each to 20 anchor investors.

Cyient DLM, a subsidiary of Cyient, is one of the leading integrated Electronic Manufacturing Services (EMS) and solutions providers with capabilities across the value chain and the entire life cycle of a product.

The company reported a net profit of Rs 31.73 crore and net sales of Rs 832.03 crore for the twelve months ended 31 March 2023.