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Cyient DLM lists at 51% premium beating grey market expectations

Cyient DLM lists at 51% premium beating grey market expectations
  • Cyient DLM lists at ₹136 premium, higher than grey market’s expectations of ₹125.
  • Its market cap stands at ₹3,180 crore as per data on BSE.
  • The issue was subscribed 67x, and the company raised ₹592 crore from the IPO.
Circuit board maker Cyient DLM made its debut on the bourses at a 51% premium to its IPO price on Monday. The listing at ₹136 premium beats grey market expectations of ₹125 quite handsomely.

Grey market is the unofficial market where stocks are traded before they are listed.

Its market cap stands at ₹3,180 crore as per data on BSE.

The issue was subscribed 67 times the shares on offer and the company raised ₹592 crore from the IPO.

Category

No. of times subscribed

QIBs

90.44

Non institutional investors

45.05

Retail

49.19

Total

67.30

Source: BSE

About the company

The company manufactures printed circuit boards, cable harnesses, and box builds used in aviation and medical diagnostic sectors.

It had raised ₹259 crore from 20 anchor investors like ICICI Prudential, HDFC MF, Tata Infrastructure Fund, Societe Generale, LIC MF and more.

Its revenue went up by 15% in FY23 to ₹832 crore as compared to FY22. Net profit, however, fell by 20% to ₹31.7 crore for the period. The IPO is a complete offer for sale, and the company intends to use the net proceeds towards working capital, capex, debt repayment, and general corporate purposes

Funded via IPO proceeds, acquisitions can bring its manufacturing operations closer to customers and increase wallet share, a critical monitorable, says Anand Rathi which gave a ‘subscribe’ rating on the IPO.

The IPO has been commanding a grey market premium of ₹100, as per media reports. Grey market premium (GMP) is the premium at which an unlisted stock is traded in an unofficial market.

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