Electronic manufacturing services provider Cyient's IPO subscribed 67x

The initial public offering (IPO) of Cyient DLM was subscribed 67.3 times at close. The part reserved for retail investors was subscribed 49.2 times, while the subscription rate for non-institutional investors was at 45.05 times. Meanwhile, qualified institutional buyers (QIB) made bids for 90.44 times more than the reserved bit. Cyient DLM Ltd (CDL) is an integrated electronic manufacturing services (EMS) and solutions provider with a focus on the entire life cycle of a product, including design, build, and maintenance. The net proceeds from the issue will be used towards funding incremental working capital requirements, capital expenditure, and repayment of debt. Axis Capital and JM Financial are the book-running lead managers to the issue, while KFin Technologies is the registrar.