Cyient DLM shares made their debut on the stock exchange on Monday, 10 July 2023. The stock opened at Rs 401, representing a premium of 51.32% compared to the issue price of Rs 265. By the end of the day, it settled at Rs 420.75 on the BSE, reflecting a premium of 58.77% over the issue price.

The initial public offer (IPO) of Cyient DLM was subscribed 67.31 times. The issue opened for bidding on 27 June 2023 and it closed on 30 June 2023. The price band of the IPO was fixed at Rs 250 -265 per share.

The issue comprised fresh issue of equity shares aggregating to Rs 592 crore. Of the net proceeds from the issue about Rs 291.09 crore will be utilized for funding incremental working capital, Rs 43.57 crore for capex, Rs 160.91 crore for repayment of borrowings and Rs 70 crore for achieving inorganic growth through acquisitions and balance for general corporate purposes.

As of 31 March 2023, its total borrowings amounted to Rs 314.47 crore which also included unsecured loans aggregating to Rs 153.56 crore from its promoter.

Cyient DLM, a subsidiary of Cyient, is one of the leading integrated Electronic Manufacturing Services (EMS) and solutions providers with capabilities across the value chain and the entire life cycle of a product.

The company reported a net profit of Rs 31.73 crore and net sales of Rs 832.03 crore for the twelve months ended 31 March 2023.