Cyient DLM Pvt Ltd, the design-led manufacturing services arm of Cyient Ltd, announced filing a draft red herring prospectus with the Securities and Exchange Board of India for its initial public offering, comprising a fresh issue of 7.4 bln rupees, via an exchange filing.
In a press release, the parent company stated that after consulting with the book-running lead managers, it may consider issuing additional equity shares for up to 1.48 billion rupees.
Additionally, the problem is expected to include reserves for qualifying Cyient shareholders and eligible workers.
Printed circuit boards, electronic assembly boards, and circuit testing equipment are all produced by Cyient DLM and used in a variety of industries, including aviation.
It has a dedicated electronic manufacturing facility in Mysuru.
Design-led Manufacturing Services at Cyient reported a 3.3% decline in revenues for the period of July to September, totaling 1.9 billion rupees. During the quarter, the corporation won a multi-year contract worth $117 million for its business segment.