Cyient DLM IPO: Retail Demand Soars, Fully Subscribed within 48 Hours
The initial public offering (IPO) of Cyient DLM Ltd has garnered significant attention from investors, with the subscription status showing an impressive response on its second day. The IPO, which opened for subscription on June 27, witnessed a subscription of 5.37 times by the end of Day 2. The subscription period will conclude on June 30.
During the second day of the subscription, the IPO received overwhelming support from retail investors, along with a decent response from employees and non-institutional investors (NIIs). Retail investors demonstrated a keen interest, subscribing to a whopping 19.18 times their allocated portion, while the employee portion saw a subscription rate of 76%.
Non-Institutional Investors (NIIs) also displayed a strong interest, subscribing 7.66 times the available shares, whereas Qualified Institutional Buyers (QIBs) subscribed to 5% of the portion.
According to data from the BSE at 13:48 IST, Cyient DLM received bids for 715,957,76 shares against the 13,332,297 shares on offer. Within the retail investors’ segment, bids were received for 442,587,04 shares against the available 2,308,000 shares. The employees’ portion received bids for 484,400 shares against the 638,297 shares offered. Non-institutional investors submitted bids for 265,420,96 shares against the 3,462,000 shares on offer. The QIB portion received bids for 321,944 shares against the 6,924,000 shares available.
The IPO price band has been set between ₹250 to ₹265 per share. Prior to the IPO, Cyient DLM secured ₹259.64 crore from 20 anchor investors. Notably, eight domestic mutual funds applied through eleven different programs.
The company allocated 9,798,113 equity shares to anchor investors at a price of ₹265 per share. Distinguished investors, such as Nippon Life India Small Cap, ICICI Prudential, HDFC MF, Tata Infrastructure Fund, Societe General, LIC MF, Amansa Holdings, DSP India, Aditya Birla Sun Life, Edelweiss MF, Founders Collective Fund, Catamaran EKAM, Vikasa India, BNP Paribas Arbitrage, and Kotak MF, participated in the anchor book.
Valued at ₹592 crore, the Cyient DLM IPO consists of a fresh issue of 22.3 million shares, which values the company at ₹2,000 crore at the upper end of the price range.
Retail investors have the opportunity to submit bids for up to 13 lots, with each lot comprising 56 shares. The IPO reserves 10% of the shares for retail investors, 15% for non-institutional investors, and 75% for qualified institutional buyers (QIBs). Additionally, the company is providing its employees with shares at a reduced price of Rs15 each.
About Cyient DLM:
Cyient is a globally recognized company that excels in providing engineering and technology solutions. We work closely with our customers at every stage of their value chain, supporting them in designing, constructing, operating, and maintaining their products and services. With our expertise, customers can cultivate and maintain their leading positions in their industries and establish respected brands in the market.
For more of the Latest News, Click Here
