Cyient DLM IPO to open on Jun 27

New Delhi Electronic manufacturing services firm Cyient DLM Ltd on Thursday said it has fixed a price band of Rs250-265 per share for its initial public offering (IPO), which will open for subscription on June 27.

The initial share sale will conclude on June 30 and the bidding for anchor investors will open on June 26, the company said in a statement. Cyient DLM’s IPO is a purely fresh issue of equity shares aggregating up to Rs592 crore with no offer for sale (OFS) component. The company has already undertaken a private placement of 40.75 lakh equity shares worth Rs108 crore. 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. The company said that 75 per cent of the issue has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, and the remaining 10 per cent for the retail category. Further, investors can bid for a minimum of 56 equity shares and in multiples of 56 equity shares thereafter.

Cyient DLM, a subsidiary of Cyient, is the leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build, and maintenance. Axis Capital and JM Financial are the book running lead managers to the issue and the equity shares of the company will be listed on BSE and NSE.