7.58x subscription in Cyient DLM IPO on Day-2

New Delhi: The Initial Public Offer (IPO) of electronic manufacturing services firm Cyient DLM was subscribed 7.58 times on the second day of share sale on Wednesday.

The IPO received bids for 10,10,95,568 shares against 1,33,32,297 shares on offer, according to NSE data. The category for Retail Individual Investors (RIIs) received 23.98 times subscription and the quota for non-institutional investors got subscribed 11.20 times. The portion for Qualified Institutional Buyers (QIBs) fetched 91 per cent subscription. The IPO has a fresh issue aggregating up to Rs 592 crore and is purely fresh issue of equity shares with no offer for sale (OFS) component. Cyient DLM’s IPO received 2.65 times subscription on the first day of share sale on Tuesday. Price range for the offer is at Rs250-265 a share. Cyient DLM has mobilised Rs260 crore from anchor investors. Funds raised through the IPO would be utilised for funding incremental capital requirements, capital expenditure, debt payment, achieving inorganic growth through acquisitions as well as for general corporate purposes.