Cyient DLM pares IPO size; issues opens June 27

Hyderabad, June 22: The initial public offering of Cyient DLM Limited, an arm of the Hyderabad-based Cyient Limited, comprising a issue of shares aggregating to ₹ 592 crore will open on June 27 and close on June 30. The anchor investor bid wil be open for one day on June 26. The company, which offers design-led manufacturing services, pegs the price band in the range of ₹ 250-265 a share. Bids can be made for a minimum of 56 equity shares and its multiples. The company has made a private placement of 40 lakh shares aggregating to ₹ 108 crore. The company’s shares will be listed on the Bombay Stock Exchange and National Stock Exchange. The hiving off the DLM (Design-Led Manufacturing) vertical into a separate entity and floating an IPO helped Cyient’s scrip touch the 52-week high of Rs 1,525.55. It hit the 52-week low (Rs 724) on November 3, 2022. The company said it has got an order book worth rs 2,400 crore, which will get consumed in 24 to 30 months. Cyient DLM has manufacturing facilities in Hyderabad, Bengaluru, and Mysore, with a total manufacturing area of 2.29 lakh sq ft. It is a manufacturing partner and systems supplier for global OEMs in the aerospace and defence, medical technology and industrial sectors. Ahead of the IPO, the company rejigged the management appointing Krishna Bodanapu as Executive Vice-Chairman and Managing Director of Cyient Limited. Executive Director Karthikeyan Natarajan was appointed as CEO, while Anthony Montalbano was appointed as the CEO of Cyient DLM. The CEOs of Cyient Limited and Cyient DLM will report to Krishna Bodanapu.

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