Business

9 months ago

Cyient DLM IPO Subscribed 10.32 Times on Final Day, Retail Portion Oversubscribed 23.78 Times

Cyient (symbolic picture)
Cyient (symbolic picture)

 

IIE Digital Desk : Cyient's digital lending and marketing (DLM) business' initial public offering (IPO) was subscribed 10.32 times on the final day of bidding on Monday, June 27. The IPO received bids for 103.2 crore shares against the offer size of 10 crore shares.

The retail portion of the IPO was oversubscribed 23.78 times, with bids for 1.37 crore shares against the offer size of 55 lakh shares. The qualified institutional buyers (QIBs) portion was subscribed 10.97 times, with bids for 87.57 crore shares against the offer size of 8 crore shares. The non-institutional investors (NII) portion was subscribed 0.98 times, with bids for 10.09 crore shares against the offer size of 10 crore shares.

The IPO was priced in the range of Rs 870-890 per share. The DLM business of Cyient provides end-to-end digital lending and marketing solutions to banks, financial institutions, and non-banking financial companies (NBFCs). The business has a strong track record of growth, with revenue and profit growing at a CAGR of 24% and 30%, respectively, over the past five years. The proceeds from the IPO will be used to fund organic growth initiatives, inorganic growth opportunities, and debt repayment.


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