Upcoming IPO for Next Week: Cyient DLM Will Hit Market On June 27, Key Details Here

The initial public offer (IPO) of Cyient DLM Ltd will open for subscription next week on June 27, 2023. It is worth mentioning that Cyient DLM is a subsidiary of leading IT Software sector company Cyient. Cyient DLM will reportedly continue to remain open for four days and will end on June 30, 2023.

Cyient DLM has already set a price band of Rs 250-265 per equity share for the public offer. The public offer is entirely a fresh issue of equity shares of approximately Rs 592 crore, brought down from Rs 740 crore previously. Because it is a fresh issue so there will be no offer for sale (OFS) and the company will be able to use the whole proceeds of the IPO.

According to reports, the company undertook the pre-IPO placement of 40.75 lakh equity shares, declined to Rs 108 crore from the previous Rs 140 crore.

According to the Draft Red Herring Prospectus (DRHP), The initial share sale is purely a fresh issue of equity shares with no Offer-For-Sale (OFS) component. It is important to note that Axis Capital and JM Financial are the book-running lead managers for the issue.

Cyient DLM will reportedly allocate 75% of the net offer for the qualified institutional bidders (QIBs) while non-institutional bidders will receive 15% of the net offer. Meanwhile, 10% of the remaining shares shall be allocated to retail investors.

Subscription for anchor investors will start from June 26, as per information available from Cyient DLM. The company seeks to conclude allotment of shares next month on July 5 and refunds are expected to start on July 6.

Shares of Cyient DLM is expected to list on both BSE and NSE by next month July 10. It is important to note that Cyient has more than 92.84% stake in Cyient DLM.

Cyient Ltd Stock Performance & Return: Meanwhile, it is worth noting that last trading price of Cyient Ltd share is Rs 1460.10 apiece with an intraday fall of 2.18% as of June 23, 2023. The 52-week high price of Cyient Ltd stock is Rs 1525.55 apiece and 52-week low price is Rs 724.00 apiece, respectively. Its market capitalisation is Rs 16,149.81 crore. Cyient shares soared 55%

in last 3-months, offered 79% return YTD, 85% return in last 1-year, and 72% return in last 2-years. In last 3-years, Cyient stock gave return of 470%. The stock jumped 106% in last 5-years.

About Cyient Ltd: Cyient is a consulting-led, industry-centric, global Technology Solutions company. It enables its customers to apply technology imaginatively across their value chain to solve problems that matter.

About Cyient DLM Ltd: It functions as a leading digital engineering and technology company. It provides design led production, integrated and additive manufacturing, high-precision machining and assembly, and electrical engineering services, among others. It has been serving customers all across the globe.