Cyient DLM files preliminary papers to mobilize Rs 750 crore though IPO

10 Jan 2023 , 01:42 PM

Cyient DLM, a subsidiary of Hyderabad-based technology solutions provider Cyient has filed DRHP with SEBI to raise Rs 750 crore from the fresh issue of equity shares via IPO. 

Cyient DLM is an integrated electronic manufacturing services (EMS) and solutions providers with strong capabilities across the value chain and the entire life cycle of a product. The company has an experience of two decades and offers end-to-end (E2E) manufacturing, assembly and repair capabilities and re-engineering services to sectors like aerospace, defence, medical, energy, railways and other industries.

It has three manufacturing facilities spread across two states in India, at Mysuru, Hyderabad and Bengaluru, with a total manufacturing area of 229,061 sq. ft. 

As per DRHP, the company has reported a net profit of Rs 13.42 crore with a revenue at Rs 340.27 crore for the six months ended on September 30, 2022, whereas its profit for FY22 stood at Rs 39.8 crore with a revenue of Rs 720.53 crore.

However, the company reported a net loss of Rs 6.7 crore in the financial year 2019-20, which was primarily due to one-time expected credit loss allowance Rs 8.37 crore.

Axis Capital and JM Financial are the merchant bankers of the IPO and KFin Technologies is the registrar for the same.