 "Cyient DLM IPO subscribed 67.30 times on last day of subscription")
The Initial Public Offer (IPO) of electronic manufacturing services firm Cyient DLM got subscribed 67.30 times on the last day of subscription on Friday amid an overwhelming interest from investors.
The share sale got bids for 89,73,16,952 shares against 1,33,32,297 shares on offer, according to an update available with NSE.
The quota for Qualified Institutional Buyers (QIBs) received 90.44 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 49.20 times. The portion for non-institutional investors got subscribed 45.05 times.
The IPO had a fresh issue aggregating up to Rs 592 crore. There was no offer-for-sale (OFS) component.
The company's IPO had a price band of Rs 250-265 a share.
Cyient DLM had mobilised Rs 260 crore from anchor investors.
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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.
Cyient DLM, a subsidiary of Cyient, is a leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build, and maintenance.
Axis Capital and JM Financial were the managers to the offer.
Equity shares of the company will be listed on BSE and NSE.