Cyient DLM IPO lures more QIBs on last day; subscribed 57.79 times on Day 3

30 Jun 2023 , 03:40 PM

Cyient DLM, a Cyient subsidiary, saw considerable interest during its initial public offering (IPO), even on the third day of bidding. The IPO was 57.79 times oversubscribed as of 3.30 p.m. on June 30, 2023. Today is the last day for subscription of Cyient DLM IPO.

The company received bids for 72,68,45,560 shares, exceeding the 1,33,32,297 shares available for subscription, according to BSE data.

The highest subscription was received from Qualified Institutional Buyers, reaching 72.17 times. Retail Investors subscribed 49.52 times. Non-Institutional Buyers garnered 44.73 times subscription. Further, employee portion was subscribed the lowest, i.e., only 2.49 times. Total applications received were 1,605,587.

Cyient DLM’s IPO consists of a full new issue of 1.13 crore shares. Cyient Ltd, the promoter of Cyient DLM, plans to keep a 66.68% stake in the company following the IPO. The lot size for the IPO is 56 shares, and retail investors can bid on up to 13 lots.

The net proceeds from the new issue will be used for a variety of purposes. These include funding the company’s additional working capital needs, assisting with capital expenditure, and partially or fully repaying certain debts. The funds will also be used for inorganic growth via acquisitions, as well as general corporate purposes.