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.

Like this


18 September 2017
Interserve names new chief financial officer
The appointment is the latest by Interserve new chief executive Debbie White, who only took over as Interserve's boss on September 1.

18 September 2017
Antonio Gates scores record 112th touchdown for Los Angeles Chargers
Click on the video above to watch Gates' record-breaking TD reception, a seven-yard pass from Chargers quarterback Philip Rivers . He passed Tony Gonzalez , who caught 111 touchdowns passes in his 17-year career with the Kansas City Chiefs and Atlanta Falcons.

18 September 2017
Shots fired after OH man chases daughter in clown mask
Vernon Barrett Jr. wore a clown mask and chased his six-year-old daughter around the neighborhood, according to Boardman Police. Santiago reportedly fired a single shot as a warning to stop Barrett and force him to comply until police arrived.

18 September 2017
Rite Aid Corporation (NYSE:RAD) Short Interest Up 8.8% in August
The stock witnessed 15.35% gains, -12.33% declines and -45.77% declines for the 1-month, 3-month and 6-month period, respectively. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.04).

18 September 2017
China Mobile Limited (NYSE:CHL) Shorts Up 11.58% - Currently Trading Up
BidaskClub has downgraded China Unicom (Hong Kong) Limited (ADR) (NYSE:CHU) to Hold in a report released on Tuesday June 20, 2017. Its main businesses include Mobile businesses, Wireline Broadband businesses and Internet of Things (IoT) businesses.

18 September 2017
Wet spell in Kerala to continue, educational institutions to remain closed
A seven-year-old girl, Athira, was killed in a landslip following heavy rains in Attappady in Palakkad district. Anakkal, Puthur and Jellyppara areas in Attappady, where the landslip was reported, were affected the most.

18 September 2017
Turkish army deploys 80 military vehicles to Syrian border
The treaty requires the entry of Turkish forces in areas controlled by the Syrian opposition in the province of Idlib. The new deployment was part of a fresh reinforcement for troops already stationed there.

18 September 2017
Delhi: 4 fake IT officers 'raid' businessman house, 3 held
The "sleuths" seized Rs 20 lakh from the house and were on their way out when they saw a CCTV camera and panicked. Hearing their cries for help, a few neighbours broke into the house and started questioning the officers.

18 September 2017
Nepal holds final phase of crucial local polls
The party had been threatening to disrupt the polls until recently when they too decided they would contest for the seats. The EC has permitted over 2,100 observers of 44 institutions for the third phase of local polls slated for Monday.

18 September 2017
Activision Blizzard, Inc. (ATVI)'s Wedge Up Points to Lower Stock Risks
Finally, Steinberg Global Asset Management boosted its stake in shares of Activision Blizzard by 0.4% during the first quarter. FSB MO now owns 12,157 shares of the company's stock worth $606,000 after buying an additional 90 shares during the period.