Electronic manufacturing services and solutions providers Cyient DLM has filed a draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO) comprising a fresh issue aggregating up to ₹740 crore.
The company proposes to utilise the funds raised through the IPO for funding incremental capital requirements, capital expenditure, debt repayment/prepayment, achieving inorganic growth through acquisitions as well as for general corporate purposes.
Cyient DLM said it will, in consultation with the book running lead managers, may consider a further issue of specified securities, including by way of a private placement, rights issue, preferential offer or any other method at its discretion, for an amount aggregating up to ₹148 crore, prior to the filing of the red herring prospectus with the registrar of companies.
The company has three manufacturing facilities in Hyderabad, Bengaluru and Mysore, with a total manufacturing area of 229,061 sq. ft. It is a manufacturing partner and systems supplier for global OEMs in the aerospace and defence, medical technology and industrial sectors. Engineering services provider Cyient is the promoter of Cyient DLM.
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