The initial public offering of Cyient DLM, a subsidiary of software services company Cyient, is likely to finalise the allotment of shares today.
The Cyient DLM public issue saw oversubscription in every category of investors. Therefore, the shares are expected to be delivered proportionately, which means that some investors may not get the shares and investors who are possibly getting the allotment, would get at least one lot (56 shares).
The public issue was subscribed 67.31 times during June 27-30, with the reserved portion for qualified institutional buyers being booked 90.44 times and that of high net-worth individuals 45.05 times. Retail investors also remained aggressive in the bidding, as they bought 49.22 times the allotted quota, while its employees bid 2.45 times the portion set aside for them.
Investors who participated in the offer can easily check their allotment status online through their mobile phone, and they do not need to visit the office of any broker or IPO registrar. They just need to follow few steps by opening the BSE website or the portal of the IPO registrar (Kfin Technologies) on their mobile.
a) Select IPO name in the dropdown - Cyient DLM Limited
b) Select and accordingly enter either 'Application Number', or 'Demat Account' or 'PAN'
c) Enter captcha available in digits in the immediate next box, and hit the 'Submit' button to know your allotment status
On BSE website
a) Select issue type 'Equity' and issue name 'Cyient DLM Limited'
b) Enter either 'Application Number' or 'PAN'
c) Check box (I am not a robot), and click on 'Search' button
Successful investors will get IPO shares in the demat account by July 7, and the refunds will be credited to the bank accounts of unsuccessful investors by July 6.
The electronic manufacturing services and solutions provider will debut on the BSE and NSE on July 10, as per the IPO schedule available in the draft papers filed with Sebi.
The grey market premium indicates that we are likely to see strong listing for Cyient DLM. Its IPO shares traded with around 45 percent premium over expected IPO price of Rs 265 per share, in the grey market, analysts on anonymity said.
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The grey market is an unofficial market for trading in IPO shares, wherein shares can be bought and sold till the listing on bourses. Investors consider the grey market to know the possible listing price of any IPO.
Cyient DLM has mobilised Rs 592 crore through the IPO which comprised only fresh issue. Hence the entire money, excluding issue expenses, will be utilised by the company for various objectives, including working capital requirements, capital expenditure, repaying debts, and inorganic growth.
The price band for the IPO was Rs 250-265 per share.
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The company provides electronic manufacturing services as build-to-print and build-to-specification services to clients. Its solutions primarily include printed circuit boards (PCBs) assembly (PCBA), cable harnesses and box-builds, used in safety-critical systems such as cockpits, inflight and landing systems, and medical diagnostic equipment.
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