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Shares of Cyient DLM will be listed on the bourses on Monday, after successful fundraising. The ₹592-crore IPO of an arm of the Hyderabad-based listed entity Cyient Ltd, saw robust participation from all categories of investors, with the issue subscribing.
The IPO was subscribed 67.30 times. The price band of the offer is ₹250-265 and the company fixed the IPO price at the upper end ₹265.
The quota reserved for QIBs was subscribed 90.44 times while the category for retail Investors and NIIs saw subscriptions of 49.20 times and 45.05 times respectively.
Cyient DLM has also reserved ₹15 crore worth of shares for its employees, who will get a discount of ₹15 a share; the portion was subscribed 2.54 times.
Ahead of the IPO, the company has made a private placement of 40 lakh shares aggregating to ₹108 crore.
Cyient DLM had mobilised ₹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 general corporate purposes.
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