Cyient DLM IPO to open on June 27

Cyient DLM, a subsidiary of Cyient, has come up with an IPO. It will open on June 27 and close on June 30. The draft papers were filed with Sebi in January this year and received approval from the regulator in March 2023.

The subscription for anchor investors will open on June 26.

The price band for the issue is yet to be announced.

The IPO is entirely a fresh issue of equity shares up to Rs 592 crore, reduced from Rs 740 crore earlier. The company has undertaken a pre-IPO placement of 40.75 lakh equity shares, aggregating up to Rs 108 crore. 

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

For the financial year ending March 2023, the company's revenue from operations grew 15% to Rs 832 crore, while profit for the same period stood at Rs 31.7 crore, up by 4%.

 The company derives a major part of its revenues from printed circuit board assembly (PCBA), wherein almost 63% of contribution and 32% of the revenue comes from box builds which are used in safety-critical systems such as cockpits, inflight systems, landing systems, and medical diagnostic equipment.

Source: Media reports