Cyient DLM IPO fully subscribed on Day 1; ends trade with 2.65 times subscription Electronic manufacturing services firm Cyient DLM’s initial public offer received 2.65 times subscription on the first day of share sale on Tuesday.The company’s Initial Public Offer (IPO) got bids for 3,53,76,320 shares against 1,33,32,297 shares on offer, as per NSE data.The portion for Retail Individual Investors (RIIs) was subscribed 9.82 times and the category for non-institutional investors received 3.57 times subscription. The Qualified Institutional Buyers (QIBs) part got 3 per cent subscription.The company’s initial public offer has a fresh issue aggregating up to Rs 592 crore. The IPO is purely fresh issue of equity shares with no offer for sale (OFS) component.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.
2. Warren Buffett talked about his business partner Charlie Munger in his letter. He said they both think alike but what it takes Warren Buffett a page to explain, Charlie Munger sums up in a sentence. Charlie Munger’s version, moreover, is always more clearly reasoned.
The lesson for investors: “I will add to Charlie’s list a rule of my own: Find a very smart high-grade partner – preferably slightly older than you – and then listen very carefully to what he says,” Warren Buffett said.
3. Warren Buffett emphasised that his long-time business partner Charlie Munger and he are business pickers, not stock pickers. He further said that efficient markets exist only in textbooks.
“We own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business pickers,” Warren Buffett said.