Cyient DLM confirms IPO fund use aligns with disclosed objectives

Cyient DLM Limited announced today, November 4, 2025, that its IPO fund utilization shows no material deviation from the objectives outlined in its offer document for the quarter ended September 30, 2025. A monitoring agency report, prepared by ICRA Limited, confirmed the utilization of issuance proceeds is in line with the stated objects of the issue. The net proceeds were INR 663.154 crore, higher by INR 4.191 crore than the estimated INR 658.963 crore, due to lower issue-related expenses.

A total of INR 618.027 crore has been utilized as of September 30, 2025, out of the revised net proceeds. Funding for incremental working capital requirements utilized INR 282.867 crore, with INR 8.223 crore pending deployment due to alignment with working capital cycle requirements. Capital expenditure saw INR 6.725 crore utilized, while INR 160.854 crore was used for repayment/prepayment of borrowings. General corporate purposes, including inorganic growth through acquisition and incremental working capital, accounted for INR 97.581 crore.

The company has parked unutilized funds, totaling INR 45.681 crore, in instruments such as fixed deposits with Federal Bank, a monitoring agency account with HDFC Bank, and an escrow pre-IPO placement account with Axis Bank. The deployment of unutilized funds for working capital is anticipated within six months.