Incorporated in 1993, Cyient DLM Limited provides Electronic Manufacturing Services (EMS) and solutions.
The company provides Electronic Manufacturing Services as Build to Print ("B2P") and Build to Specification ("B2S") services. B2P solutions involve clients providing the design for the product for which the company provides agile and flexible manufacturing services. And, B2S services involve designing the relevant product based on the specifications provided by the client and manufacturing the product.
Cyient DLM's solutions primarily comprise:
- Printed circuit board ("PCB") assembly ("PCBA"),
- Cable harnesses, and
- Box builds which are used in safety critical systems such as cockpits, inflight systems, landing systems, and medical diagnostic equipment.
The company's client list includes Honeywell International Inc. ("Honeywell"), Thales Global Services S.A.S ("Thales"), ABB Inc, Bharat Electronics Limited, and Molbio 152 Diagnostics Private Limited, and so on.
| Purpose | Amount (₹ Cr) |
|---|---|
| 1 Funding incremental working capital requirements of the Company | ₹291 |
| 2 Funding capital expenditure of the Company | ₹44 |
| 3 Repayment/prepayment, in part or full, of certain of the borrowings | ₹161 |
| 4 Achieving inorganic growth through acquisitions; and | ₹70 |
| 5 General corporate purposes | ₹93 |
| Metric | 31-Mar-20 | 31-Mar-21 | 31-Mar-22 |
|---|---|---|---|
| Total Assets | 593 | 645 | 777 |
| Revenue | 465 | 637 | 728 |
| PAT | -7 | 12 | 40 |
| Net Worth | 26 | 38 | 77 |
| Reserves | 24 | 36 | 76 |
| Total Borrowing | 261 | 234 | 293 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 16,330,189 (73%) | — |
| NII / HNI | — | 3,266,037 (15%) | — |
| Retail (RII) | — | 2,177,358 (10%) | — |
| Employee | — | 600,000 (3%) | — |
| Total | — | 22,373,584 (100%) | — |
* Amount calculated at upper price band (₹265) · ** Total includes all investor categories
- 1 Initiation of Refund 05 Jul 2023
- 2 Credit of Shares to Demat 06 Jul 2023
- 3 Lock-in Period (30%) August 3, 2023
- 4 Lock-in Period (50%) October 2, 2023
- Retail allocation is weak at 10% of the total offering.
- HNI/NII demand is good at 15%.
- Institutional (QIB) interest is strong at 73%.
- The IPO P/E of 66x reflects a weak valuation relative to typical market ranges.
- Pre-issue EPS of ₹10.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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