Cyient DLM IPO fully subscribed on Day 1; issue subscribed 2.65 times

Electronic manufacturing services firm Cyient DLM's initial public offer received 2.65 times subscription on the first day of share sale on Tuesday.

The company's Initial Public Offer (IPO) got bids for 3,53,76,320 shares against 1,33,32,297 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) was subscribed 9.82 times and the category for non-institutional investors received 3.57 times subscription. The Qualified Institutional Buyers (QIBs) part got 3 per cent subscription.

The company's initial public offer has a fresh issue aggregating up to Rs 592 crore. The IPO is purely fresh issue of equity shares with no offer for sale (OFS) component.

Price range for the offer is at Rs 250-265 a share. Cyient DLM has mobilised Rs 260 crore from anchor investors.

Funds raised through the IPO would be utilised for funding incremental capital requirements, capital expenditure, debt payment, achieving inorganic growth through acquisitions as well as for general corporate purposes.

Cyient DLM, a subsidiary of Cyient, is the leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build, and maintenance.

Axis Capital and JM Financial are the managers to the offer.

The equity shares of the company will be listed on BSE and NSE.