Cyient DLM IPO to open on June 27; details here

In a BSE filing on June 20, Cyient said that the Draft Red Herring Prospectus (DRHP) was approved by the Registrar of Companies in Telangana on June 20.

“The issue shall open for subscription to the public on Tuesday, June 27, 2023, and shall close on Friday, June 30, 2023. Further, we wish to inform you that the price band for the Issue, which will be decided by Cyient DLM in consultation with the book-running lead managers, will be advertised at least two working days prior to the issue opening date,” Cyient said.

As per Cyient DLM DRHP, the IPO is a fresh issue of ₹740 crore and the face value of the equity shares is ₹10. As this is a fresh issue and there is no offer for sale, the company can use the entire proceeds of the IPO.

As per the DRHP, the Price Band, along with the relevant financial ratios calculated at the floor price and at the cap price, shall be pre-filled in the bid-cum application forms available on the websites of the stock exchanges.

Axis Capital and JM Financial are the lead book-running managers while KFin Technologies Limited is the registrar of the issue.

The courts of Mumbai, India will have exclusive jurisdiction in relation to this issue

According to Frost & Sullivan’s report, Cyient DLM is a leading integrated EMS and solutions provider with a strong focus on the entire life cycle of a product, including design, build and maintenance.

“With over two decades of experience, we are a qualified supplier to global OEMs in the aerospace and defence, medical technology and industrial sectors. We are one of the few EMS companies in India catering to highly regulated industries and the largest supplier of EMS services to the aerospace and defence industry by value in India,” the DRHP mentioned quoting Frost & Sullivan’s report.

Updated: 21 Jun 2023, 11:31 AM IST