Electronic manufacturing services and solutions company Cyient DLM, on June 26, received Rs 259.64 crore from 20 anchor investors ahead of IPO opening for subscription.
The company has finalised the allocation of 97,98,113 equity shares to anchor investors at an issue price of Rs 265 per share, the upper price band, it said in an exchange filing.
Leading investors Societe Generale, BNP Paribas Arbitrage, Amansa Holdings, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Trustee, DSP India, Tata Mutual Fund, LIC MF, Catamaran Ekam, and Kotak Mutual Fund among others, invested in the company via anchor book.
Cyient DLM, the wholly owned subsidiary of engineering services and digital transformation solutions company Cyient, will open its Rs 592-crore public issue for subscription on June 27, with a price band of Rs 250-265 per share.
The closing date for the offer will be June 30.
Also read: Cyient DLM IPO opens tomorrow | 10 key things to know
The IPO comprises only a fresh issue of 2.23 crore equity shares by the company. Hence, the entire issue proceeds, excluding issue expenses, will be received by Cyient DLM.
The issue proceeds will be utilised for incremental working capital requirements (Rs 291 crore), capital expenditure (Rs 43.57 crore), repaying certain debts (Rs 160.9 crore), and inorganic growth through acquisitions (Rs 70 crore).
The company has reserved 75 percent of the issue size for qualified institutional buyers (QIB), 15 percent for high net-worth individuals, and the rest for retail investors.
Click Here To Read All IPO Related News
Incorporated in 1993, the EMS and solutions company is a supplier of printed circuit board assembly (PCBA), cable harnesses, and box builds to global OEMs in the aerospace, defence, medical technology, and industrial sectors.
Its promoter Cyient has a 92.84 percent shareholding in the company, and the rest is held by Amansa Investments, owned by investor Akash Prakash.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
