Cyient DLM proposes to open its initial public offering comprising a fresh issue of such a number of equity shares aggregating up to Rs 592 Crore (Issue) on Tuesday, 27 June 2023. Bid/Issue Closing Date will be Friday, 30 June 2023. The Anchor Investor Bid/Issue Period is one Working Day prior to the Bid/Issue Opening Date, that is, Monday, 26 June 2023.
The Price Band for the issue has been fixed from Rs 250 per equity share to Rs 265 per equity share. Bids can be made for a minimum of 56 equity shares and in multiples of 56 equity shares thereafter.
Cyient DLM offers electronic manufacturing services (EMS) that encompass both build-to-print (B2P) and build-to-specification (B2S) services. They provide a range of solutions, including product design and flexible manufacturing services that can be customised to suit the unique needs of their clients.
Rajendra Velagapudi, MD, Cyient DLM, shares, “In Cyient DLM, DLM stands for design-led manufacturing. So what we are doing is designing for our customers and afterwards, we are manufacturing the product for them. We make the PCB assemblies, warehouses, digital manufacturing components and then we integrate all those things as a final product.”
The company has in consultation with the book running lead managers (BRLMs), Axis Capital Limited and JM Financial Limited, undertaken a private placement of 4,075,471 equity shares aggregating to 1,080 million rupees.
Amit Ramchandani, MD, JM Financial, said, “We are Opening Issue for the Anchor Investor on 26 June. For the public, we are opening the issue on 27 June with 30 June being the closing date. The price band for the issue has been fixed from Rs 250 to Rs 265. The important thing to note here is that the entire issue is for primary; there is no secondary sale by Cyient. That shows the confidence that we have in them.”
To this, Amit Jain, MD, Axis Capital, added, “Cyient has 22 years of experience in developing high complex low volume electronic manufacturing for safety critical segments. It has provided top-notch engineering and design solutions keeping the focus on multiple industries, which has set up a solid foundation for the company.”
The Equity Shares offered through the red herring prospectus dated 19 June 2023 (Red Herring Prospectus) are proposed to be listed on both BSE (BSE) and National Stock Exchange of India (NSE), together.