Cyient DLM Lists at Rs 403 offering 52 Returns over IPO Price
Cyient DLM stock has listed with impressive gains of 52 percent to primary market investors today. Cyient DLM stock opened trading at Rs 403, making it another successful IPO this year. The stock premium in the grey market had indicated that the listing would be strong for Cyient DLM. Indian markets were trading firm today and we can expect Cyient DLM to remain positive for the session.
Cyient DLM IPO was oversubscribed by 70 times and there is strong appetite among primary market investors. Overall bullish market sentiment is also helping IPOs launched these days. The company launched IPO with Rs 265 per share for retail investors.
Recently, drone manufacturer ideaForge Technology witnessed bumper listing on stock markets. The stock has almost doubled the money invested by primary investors.
Expectations from market experts are positive for Cyient DLM. Research Analyst Vaibhav Kaushik from GCL Broking said, "Allottees of the public issue may expect ideaForge like listing premium from the book build issue as Cyient DLM IPO has attracted strong response from investors and the issue is small in size as well. As the company has shown promising numbers on its balance sheet, it is expected to attract fresh buyers after listing as well. But, much will depend upon the kind of opening Indian stock market gets on Monday. As per my opinion, the IPO would open above ₹4000 apiece for sure, which means a lucky allottee may expect to get at least 50 per cent premium on one's investment."
The grey market premium for Cyient DLM was Rs 165, indicating a strong support for the stock on listing day. As Indian markets were trading positive today, the IPO listed with a bang on the stock exchanges. TopNews will keep a watch on the trade for Cyient DLM.