- The stock started off the first trade at Rs 401 on the BSE against the issue price of Rs 265 a share
NE BUSINESS BUREAU
AHMEDABAD, JULY 11
Cyient DLM Ltd shares made a strong debut in the secondary market on Monday, July 10, after the electronic manufacturing services firm’s IPO concluded last month with an overall subscription of more than 67 times the equity on offer. The stock began its journey in the listed world at Rs 401 apiece on BSE — a premium of 51.3 percent over the upper end of the IPO price range.
The stock started off the first trade at Rs 401 on the BSE against the issue price of Rs 265 a share.
Healthy fundamentals with a strong order book of Rs 2,432.5 crore, as of March FY23, and policy tailwinds for the EMS sector, especially in digital manufacturing, also boosted stock performance.
The Rs 592-crore IPO of Cyient DLM Ltd was subscribed over 67 times during the bidding period from June 27 to June 30. Qualified institutional buyers bought shares more than 90 times the portion set aside for them. Retail investors and high-networth individuals bid 49.22 times and 45.05 times their allotted quotas.
