Key Points of Cyient DLM IPO Approval from SEBI:
- Cyient DLM, a subsidiary of Cyient, has received approval from the Securities and Exchange Board of India (SEBI) to launch its IPO.
- The IPO will include a fresh issue of up to Rs 740 crore and a further issue of specified securities worth Rs 148 crore.
- Axis Capital and JM Financial are the book-running lead managers to the issue.
- The observations by the market regulator were issued on March 29, 2023, and the draft papers were filed on January 10, 2023.
- The proposed listing and issue price of the IPO shares are subject to various factors, including the book-building process under Indian regulations, receipt of applicable approvals, and external factors such as prevailing market conditions.
- Cyient DLM focuses on highly complex, low-volume electronics manufacturing for safety-critical segments and sees opportunities in Built to Spec (B2S), the Indian market, increasing need for electronics manufacturing, and the China Plus One strategy.
- The company advises shareholders and potential investors to exercise caution when dealing with its securities as there is no assurance that the proposed listing will proceed.
Details of Cyient DLM IPO Approval from SEBI:
Cyient DLM, a subsidiary of Cyient, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), according to recent reports. The public offering will include a fresh issue of up to Rs 740 crore, with a further issue of specified securities possibly considered by Cyient DLM, including by way of a private placement, rights issue, or preferential offer worth Rs 148 crore. This is subject to consultation with the book-running lead managers before the filing of the red herring prospectus with the registrar of companies, and compliance with applicable laws.
Axis Capital and JM Financial have been appointed as the book-running lead managers to the issue. Draft papers were filed with the SEBI on January 10, 2023, and the observations by the market regulator were issued on March 29, 2023, according to the information available on SEBI website. Shares of smallcap stock Cyient rose over 4.75% higher on NSE.
According to the company’s media release, the proposed listing and issue price of the IPO shares are subject to various factors, including the book-building process under Indian regulations, receipt of applicable approvals, and external factors such as prevailing market conditions. The company advises shareholders and potential investors to exercise caution when dealing with its securities as there is no assurance that the proposed listing will proceed.
Cyient DLM focuses on highly complex, low-volume electronics manufacturing for safety-critical segments. The company appointed Anthony Montalbano as its CEO last year. Cyient DLM sees opportunities in Built to Spec (B2S), significant focus on the Indian market, increasing need for electronics manufacturing, and the advancement of the China Plus One strategy. These key global trends present a unique opportunity to grow the Cyient DLM business, the company said.
About Cyient DLM:
Cyient DLM is an engineering and technology solutions company that operates on a global scale. Our services span across the entire value chain of our customers, helping them with design, construction, operation, and maintenance of their products and services. Our customers rely on our expertise in engineering, manufacturing, and digital technology to provide them with next-generation solutions that adhere to the highest standards of safety, reliability, and performance, establishing their brand as respected leaders in their industries and markets.
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