Cyient DLM IPO listing: Stock lists at a premium of 52% at ₹403 on NSE
Cyient DLM IPO: Shares of Cyient DLM Ltd listed on the bourses at a premium on Monday. On the NSE, the stock was listed at ₹403 per share, 52.1 percent higher than the issue price, and on the BSE, the stock was listed at ₹401 per share.
The company has fixed the price band for the issue at ₹250 to ₹265 per share. "Following the stellar listing of the ideaForge on Friday, Cyient DLM to got healthy listing above 45% as per our estimates, hence we continue to advice allotted investors to book profits and if anyone wish to buy fresh should wait and watch for counter as markets may see some pressure to sustain at higher levels. The issue was reasonably priced when compared to its listed peers which are trading in the range of 35 times to 95 times such as Syrma SGS Technology, Kaynes Technology, DCX Systems and Avalon Technology, post listing it can match the peer’s valuations hence upside from here would be limited.
However, we see few risks on lower margins and high dependency on few key clients as a concern," said Prashanth Tapse, Research Analyst, Sr VP Research of Mehta Equities Ltd. The public issue that opened for subscription on Tuesday June 27, closed on Friday, June 30.
On the final day of the subscription, the issue received overall positive response from retail, qualified institutional buyers (QIBs), and non institutional investors (NIIS). Retail investors portion was subscribed 52.17 times, QIBs was subscribed 95.87 times, NII portion was subscribed 47.75 times, and employee portion was subscribed 2.60 times.
The stock market experts had predicted that Cyient DLM IPO would have an impressive listing. According to them, the opening price of Cyient DLM shares will be between ₹450 and ₹480 in a bullish scenario,
. Read more on livemint.com
