Cyient DLM IPO has witnessed strong investor interest in the primary market. As per exchange data, Cyient DLM IPO has been subscribed 9.8 times the retail investor portion on its debut day. Market sentiment is bullish and during such times, IPOs receive strong response from investors. The company is offer 1.33 crore shares during IPO and has already received bids for 3.53 crore shares.

For retail investor portion, the bids received were 9.8 times the planned allocation. In high net-worth investor segment, the company received bids for 3.6 times the allocated quantity of shares. The issue has been oversubscribed 2.65 times on first day.

Cyient DLM is aiming to raise Rs 592 crore from IPO. The company is offering shares in price band of Rs 250 – 265 per share. Before the IPO launch, the company raised Rs 260 crore from anchor investors.

Cyient DLM is the leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build, and maintenance. The company is subsidiary of Cyient.

The company plans to reduce its debt by Rs 150 crore from the proceeds of the IPO. The company is having Rs 200 crore debt from parent company Cyient and this will be retained on the books. For FY22, the company registered 12 percent margins. For the next year, the company is expecting slightly lower margins. As per the management expectations, the margins will improve after FY24 on account of better capacity utilization of newly commissioned plants.

Drone manufacturer ideaForge Technology launched its IPO on Monday and the company has received excellent response from primary market. The grey market premium for ideaForge has jumped after positive response to IPO.