Cyeint DLM IPO opens for subscription on June 27; check details here

21 Jun 2023 , 01:59 PM

The initial share sale of Cyient DLM, a subsidiary of the IT firm Cyient will open for subscription on June 27 and conclude on June 30. The IPO consist fresh issue of equity shares of worth Rs 740 crore with no element of offer for sale.

The company has reserved only 10% of the issue for retail investors while 75% and 15% for qualified institutional investors and non-institutional investors respectively.

In a filing to BSE, Cyient said, “With reference to our earlier announcement dated January 10, 2023 in relation to the proposed initial public offering of equity shares of our subsidiary, Cyient DLM Limited, we have been informed by Cyient DLM that the red herring prospectus dated June 19, 2023 filed by Cyient DLM with the Registrar of Companies, Telangana at Hyderabad in relation to the Issue has been approved by the RoC on June 20, 2023.”

The funds raised from the issue will be utilized to support additional working capital needs, finance capital expenditure, repay debt, and meet general corporate objectives.

The company will finalise the allotment of shares on July 5 and trading of shares will expected to commence on July 7.

Axis Capital and JM Financial are the book-running lead managers to the issue, whereas KFin Technologies has been appointed as the registrar to the issue. The stock would be listed at both BSE and NSE.