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.



Like this

loading...
loading...

Latest


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
Raiden's Injustice 2 trailer has electricity and a Black Lightning skin
There are three characters in all in the Fighter Pack 2; the other two are Black Manta and the cigar-loving action hero Hellboy. Much like how Raiden plays in the Mortal Kombat series, his Injustice 2 iteration has plenty of aggressive moves and switch ups.

18 September 2017
Young girl dies from flu in Melbourne's east
She told 3AW's Neil Mitchell the death of the young girl was "one of the other very sad cases that we've seen this flu season". The state's hospitals are under severe stress as they deal with a rise in the number of flu cases.

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
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
Hamilton as right as rain
This rapid removal of the GP of Singapore is a blow to Vettethe, second three points in the drivers ' standings by Hamilton.

18 September 2017
Riz Ahmed first Asian man to win acting award at Emmy
Buzzfeed notes Ahmed is the first male actor of Asian ancestry to win an acting Emmy, and the second of any gender to do so. Donald Glover became the first black person to ever win the Outstanding Directing In A Comedy Series with Atlanta .

18 September 2017
Rahul Gandhi wishes Modi on birthday, Digvijaya asks PM to 'correct mistakes'
Harbhajan Singh was not too far behind as he too joined Suresh Raina in wishing the Prime Minister. Anil Kapoor: A leader is the one who knows the way, goes the way and shows the way.

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.