Cyient DLM IPO
Cyient DLM IPO — date, price band, lot size & details 2023
Cyient DLM listed on 10 Jul 2023 at ₹403, 52.1% above the ₹265 issue price.
Cyient DLM provides electronics manufacturing services such as PCB assembly, cable harnesses and box builds for aerospace, defence, medical and industrial customers. Its total income was Rs 838.34 crore in FY2023.
Stock price
Cyient DLM is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 27 Jun 2023
- Close 30 Jun 2023
- Allotment 04 Jul 2023
- Refund/credit 05 Jul 2023
- Listing 10 Jul 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 27 to 30 Jun, 2023 |
|---|---|
| Price Band | ₹250 – ₹265 |
| Face Value | ₹10 |
| Lot Size | 56 Shares |
| Issue Size | ₹592 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Employee Discount | Rs 15.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,840 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 56 shares at the ₹265 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 56 | ₹14,840 |
| Retail (max) | 13 | 728 | ₹1,92,920 |
| S-HNI (min) | 14 | 784 | ₹2,07,760 |
| S-HNI (max) | 67 | 3,752 | ₹9,94,280 |
| B-HNI (min) | 68 | 3,808 | ₹10,09,120 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 636.91 crore in FY2021 to Rs 838.34 crore in FY2023.
- 02The whole Rs 592 crore issue was fresh capital, with Rs 160.91 crore for repaying debt.
- 03It has served safety critical aerospace, defence and medical uses since 1993, for clients such as Honeywell and Thales.
- 04Net worth grew from Rs 37.65 crore on 31 March 2021 to Rs 197.87 crore on 31 March 2023.
- 05It runs 3 manufacturing facilities in Karnataka and Telangana.
Risks · 5
- 01Profit after tax fell from Rs 39.80 crore in FY2022 to Rs 31.73 crore in FY2023.
- 02Margins are thin, and the source puts the PAT margin at 4.00%.
- 03The pre-issue P/E was 47.58 at the upper band of Rs 265, based on EPS of Rs 5.57.
- 04Total borrowing was Rs 314.47 crore on 31 March 2023, above net worth of Rs 197.87 crore.
- 05A few large customers drive much of the business, and orders in aerospace and defence can be lumpy. The promoter held 92.84% before the issue.
Three years of numbers
All figures in ₹ crore, as reported in the Cyient DLM offer document.
| Metric | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|
| Assets | 1,104.72 | 776.91 | 645.03 |
| Total Income | 838.34 | 728.48 | 636.91 |
| Profit After Tax | 31.73 | 39.80 | 11.81 |
| NET Worth | 197.87 | 77.11 | 37.65 |
| Reserves and Surplus | 145.01 | 75.75 | 36.29 |
| Total Borrowing | 314.47 | 293.19 | 233.77 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Cyient DLM RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Cyient DLM IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹5.57 | ₹4.00 |
| P/E Ratio (x) | 47.58 | 66.25 |
| Market Cap at Offer Price (₹ Cr) | ₹1,509.60 | ₹2,102.11 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹265 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹658.96 Cr of the issue is earmarked to named objects.
About the company
It offers build to print services, where clients give the design, and build to specification services, where it designs the product from client specifications. Its main products are PCB assemblies, cable harnesses and box builds used in safety critical systems such as cockpits, inflight systems, landing systems and medical diagnostic equipment.
It has three manufacturing facilities, two in Karnataka at Mysuru and Bengaluru and one at Hyderabad in Telangana. Its clients include Honeywell, Thales, ABB, Bharat Electronics and Molbio Diagnostics.
The IPO was Rs 592 crore and was entirely fresh issue. Rs 291.09 crore was planned for working capital, Rs 160.91 crore for repaying borrowings and Rs 70.00 crore for acquisitions.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Cyient DLM IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
125 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Frequently asked
What is the GMP of Cyient DLM?
The current Grey Market Premium is ₹130, or 49% over the issue price.
What is the Cyient DLM IPO price band?
₹250 to ₹265, on a face value of ₹10.
When is the allotment?
The basis of allotment is 4 July 2023, with listing on 10 July 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
