Home Business Cyient DLM’s big entry in the market, listed at Rs 403 with 52% premium

Cyient DLM’s big entry in the market, listed at Rs 403 with 52% premium

by Trend News
3 minutes read
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Cyient DLM Ltd has got a bang listing in the stock market today. Cyient DLM’s share is listed on NSE at Rs 403 per share with a premium of 52.1%, the price band of this IPO was fixed at Rs 250–265 per share. Its listing on BSE has been done at Rs 401 per share with 51% premium.

It reached Rs 425 in intraday only after opening, at present it was trading at Rs 409 with a gain of 1.5% at 10:40 am.

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The issue got a bumper response

The issue opened for subscription on 27 June and closed on 30 June. The issue received a bumper response on its last day. Retail investors’ share was subscribed 52.17 times, QIB’s share was subscribed 95.87 times, NII’s share was subscribed 47.75 times, Employees’ share was subscribed 2.60 times.

Where will the money be used?

The company wants to raise Rs 592 crore through this issue. This included the fresh issue of 2,23,39,623 shares. Out of the amount received through the issue, Rs 291.09 crore will be used for working capital, Rs 43.57 crore for capex, Rs 160.91 crore for debt repayment. Apart from this, Rs 70 crore will be used for acquisitions and the rest for general corporate purposes.

How does Cyient DLM work?

Cyient DLM Limited was incorporated on 30 June 1993. It is an Integrated Electronics Manufacturing Services and Solutions provider. Its focus is on the design, building and maintenance of the product. The company manufactures printed circuit boards, cable harnesses and box builds used in safety critical systems such as cockpits, in flight systems, landing systems and medical diagnostic equipment.

The company’s long term clients include Honeywell International, Thales Global Services SAS, ABB Inc. and Bharat Electronics Limited. There are more than 1,000 companies in the global electronics manufacturing services market and the top 10 companies account for 53% of the industry. Hon Hai Technology or Foxconn is the market leader. Then came Pegatron, Quanta and Wistron. All of them have recently started their stores in India. Cyient DLM does not have any direct competitor in India.

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