Dixon Technologies IPO oversubscribed nearly 118 times

The initial share sale of consumer electronics manufacturer Dixon Technologies generated strong demand from investors and was oversubscribed 117.69 times on the last day of the 3-day bidding today.

The initial public offer (IPO) to raise up to Rs 600 crore received bids for 27,96,95,120 shares against the total issue size of 23,76,557, data available with the NSE till 1945 hours showed.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 134.77 times, non-institutional investors 345.73 times and retail 10.11 times.

Till yesterday, the IPO was subscribed 4.25 times.

Dixon Technologies on Tuesday raised nearly Rs 180 crore from anchor investors.

The company has fixed the price band at Rs 1,760-1,766.

The offer comprises fresh issue aggregating up to Rs 60 crore shares, besides an offer for sale of up to 30,53,675 shares by certain existing shareholders.

Proceeds from the issue will be utilised for setting up a unit for manufacturing LED TVs at its Tirupati facility, enhancement of backward integration capabilities in the lighting products vertical at Dehradun facility and upgradation of the information technology infrastructure.

It will also be used for repayment of loans and general corporate purposes.

IDFC Bank, IIFL Holdings, Motilal Oswal Investment Advisors and Yes Securities are the book running lead managers to the issue.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)