Cyient DLM IPO Subscribed 7.58 Times On Day 2 Of Offer

File Photo

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

The IPO has a fresh issue aggregating up to Rs 592 crore and is purely a 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 the share sale on Tuesday.

The price range for the offer is Rs 250-265 a share. Cyient DLM has mobilised Rs 260 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.

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 managers of the offer. The equity shares of the company will be listed on the BSE and NSE.