Opinions expressed by Entrepreneur contributors are their own.
You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.
Cyient DLM Limited, an Electronic Manufacturing Services (EMS) and solutions provider and a subsidiary of Cyient, announced that it was opening its initial public offering on June 27.
The subscription will be open with a price band of Rs 250-265 per Equity Share and will close on June 30. The anchor investors can bid for the issue on June 26.
The IPO will consist of a fresh issue of Equity Shares worth Rs 592 crore, with the minimum bid being 56 shares and in multiples of 56 Equity Shares thereafter.
Cyient’s issue will have Axis Capital Limited and JM Financial Limited as the Book Running Lead Managers. The Equity Shares are proposed to be listed on both BSE Limited and the National Stock Exchange of India Limited.
In consultation with BRLMs, the company has undertaken a private placement of 4,075,471 Equity Shares aggregating to Rs108 crore.
At the time of filing for IPO with SEBI, the total issue size was kept at Rs740 crore. It’s now been lowered by Rs 148 crore.
Cyient aims at allocating 75 per cent of the Net Issue for qualified institutional bidders (QIBs), with 15 per cent being reserved for non-institutional bidders. The remaining ten per cent shall be allotted to retail investors.