Economy

Dixon Technologies lists at 54% premium to issue price on BSE

Dixon Technologies lists at 54% premium to issue price on BSE”

The company's initial public offering (IPO) to raise 6 billion rupees ($93.7 million) had been subscribed almost 118 times, making it one of the most-subscribed IPOs this year.

The stock of Dixon Technology rose as much as 65.57% to the record high of Rs 2,921 on NSE today over its issue price of Rs 1,766, while it added Rs 959 or 54.3% to open at Rs 2,725.

The stock, which opened at Rs 2725 on NSE, spurted to Rs 2999 in a flash and is now hovering around Rs 2920, up 65% from the issue price. The stock had hit a high of Rs 2,998.90 and a low of Rs 2,725 so far during the day. It traded with volumes of 14 lakh shares at 10:05 hours IST.

Limited, that hit the market earlier this month, with a price band of Rs 1760 - Rs 1766 a share, was subscribed nearly 118 times. The IPO was subscribed 117.83 times. The IPO opened for bidding on 6 September 2017 and closed on 8 September 2017. Price band for the public issue was fixed at lower end of Rs 1760 per piece and upper end of Rs 1766 per piece. The non institutional investors (NIIs) category was subscribed 354.61 times.

The offer comprised 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. For FY2017, Dixon Technologies reported a net profit of Rs. 50 crore on sales of Rs. 2,457 crore in FY2017.

At 10.05am, the stock was trading at Rs2,841.15 on the BSE, up 60.88% from previous close, while India's benchmark Sensex index rose 0.64% to 32,480.31 points.

The company has announced that it will utilise the proceeds of the IPO for setting up a unit to manufacture LED TVs at Tirupati, besides enhancing backward integration facilities in the lighting products vertical at its Dehradun facility.

Backed by Motilal Oswal Private Equity (MOPE), Dixon is the largest home-grown design-focused and solutions company engaged in manufacturing products in consumer durables, lighting and mobile phone segments in India.



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