HYDERABAD, INDIA – Cyient DLM's Rs 592 crore ($722 million) initial public offering will open for subscription on June 27 and close on June 30. The company has set a price band of Rs 250-265 ($3.05 to $3.23) per share.

The company will allocate 75% of the net offer for the qualified institutional bidders (QIBs), whereas non-institutional bidders will get 15% of the net offer. The remaining 10% of shares would be allocated to retail investors.

Cyient DLM, a subsidiary of Cyient, focuses on highly complex, low-volume electronics manufacturing for safety-critical segments. The company derives a major part of its revenues from printed circuit board assembly with almost 63% contribution and 32% of the revenue coming from box builds, which are used in safety-critical systems such as cockpits, inflight systems, landing systems and medical diagnostic equipment.

The net proceeds from the issue will be used towards funding incremental working capital requirements, capital expenditure, repayment of debt and other general corporate purposes.

For the financial year ended March 2023, the company's revenue from operations grew 15% to Rs 832 crore ($101 million), while profit for the same period stood at Rs 31.7 crore ($38.7 million), up by 4%.