Cyient DLM IPO to open on June 27
Written by Sanjay Kumar
News Highlights
- Cyient DLM Limited’s INR 740 crore IPO opens from June 27 to June 30, offering investors a chance to join its growth.
- The IPO is a fresh issue with no offer for sale, allowing Cyient DLM to utilize all proceeds for its objectives.
- Known for serving regulated industries, Cyient DLM is a trusted supplier to global OEMs, especially in aerospace and defense.
The initial public offering (IPO) of Cyient DLM Limited, a subsidiary of the IT firm Cyient, is scheduled to take place from June 27 to June 30, with shares aggregating up to INR 740 crore.
On June 20, Cyient announced through a BSE filing that the Registrar of Companies in Telangana approved the Draft Red Herring Prospectus (DRHP).
“The issue shall open for subscription to the public on Tuesday, June 27, 2023, and shall close on Friday, June 30, 2023. Further, we wish to inform you that the price band for the Issue, which will be decided by Cyient DLM in consultation with the book-running lead managers, will be advertised at least two working days prior to the issue opening date,” Cyient said.
According to the DRHP of Cyient DLM, the IPO consists of a fresh issue of INR 740 crore, with the equity shares having a face value of INR 10. Since there is no offer for sale, the company can utilize the entire proceeds from the IPO.
As outlined in the DRHP, the Price Band, along with the relevant financial ratios calculated at the floor price and the cap price, will be pre-filled in the bid-cum application forms available on the stock exchanges’ websites.
The lead book-running managers for the IPO are Axis Capital and JM Financial, while KFin Technologies Limited has been appointed as the registrar of the issue.
The jurisdiction for this IPO lies with the courts of Mumbai, India.
According to a report by Frost & Sullivan, Cyient DLM is a prominent integrated EMS and solutions provider, emphasizing the entire product life cycle, including design, build, and maintenance.
Quoting Frost & Sullivan’s report, the DRHP mentioned, “With more than two decades of experience, we are a qualified supplier to global OEMs in the aerospace and defense, medical technology, and industrial sectors. As one of the few EMS companies in India serving highly regulated industries, we are the largest supplier of EMS services to the aerospace and defense industry in India in terms of value.”
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