Cyient DLM makes a stellar debut at 52% premium on bourses

10 Jul 2023 , 09:59 AM

Cyient DLM, an electronic manufacturing services (EMS) company, had an impressive debut on the stock exchange on Monday (July 10). The company’s shares were listed at Rs 403 on the NSE (National Stock Exchange), representing a premium of 52.08% or Rs 628 over the issue price of Rs 265. Similarly, the stock debuted at Rs 401 on the BSE (Bombay Stock Exchange), marking a 51.32% increase compared to the offer price.

During the subscription period from June 27 to June 30, Cyient DLM’s initial public offering (IPO) worth Rs 592 crore was oversubscribed 67.31 times. Qualified institutional buyers showed the highest interest, subscribing 90.44 times the allotted quota. Retail investors and high net-worth individuals subscribed 49.22 times and 45.05 times the portions reserved for them, respectively.

The proceeds from the fresh issue will be utilized for various purposes such as working capital requirements, capital expenditure, debt repayment, inorganic growth through acquisitions, and general corporate needs.

As a subsidiary of software services firm Cyient, Cyient DLM specializes in providing build to print (B2P) and build to specification (B2S) services to its clients. It is recognized as a qualified supplier to global original equipment manufacturers (OEMs) operating in the aerospace and defense, medical technology, and industrial sectors.