New Delhi, Jun 28 (PTI) The Initial Public Offer (IPO) of electronic manufacturing services firm Cyient DLM was subscribed 7.58 times on the second day of share sale on Wednesday.

The IPO received bids for 10,10,95,568 shares against 1,33,32,297 shares on offer, according to NSE data.

Also Read | Car Insurance: Here Are Five Factors That Affect Car Insurance Premiums in India.

The category for Retail Individual Investors (RIIs) received 23.98 times subscription and the quota for non-institutional investors got subscribed 11.20 times. The portion for Qualified Institutional Buyers (QIBs) fetched 91 per cent subscription.

The IPO has a fresh issue aggregating up to Rs 592 crore and is purely fresh issue of equity shares with no offer for sale (OFS) component.

Also Read | PM Narendra Modi Likely To Visit Telangana on July 12 To Lay Foundation Stone for Railway Coach Periodic Overhauling Facility at Kazipet.

Cyient DLM's IPO received 2.65 times subscription on the first day of share sale on Tuesday.

Price range for the offer is at Rs 250-265 a share.

Cyient DLM has mobilised Rs 260 crore from anchor investors.

Funds raised through the IPO would be utilised for funding incremental capital requirements, capital expenditure, debt payment, achieving inorganic growth through acquisitions as well as for general corporate purposes.

Cyient DLM, a subsidiary of Cyient, is the leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build, and maintenance.

Axis Capital and JM Financial are the managers to the offer. The equity shares of the company will be listed on the BSE and NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)