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Dixon Technologies IPO oversubscribed 117 times on last day

LiveMint logoLiveMint 08-09-2017 PTI

New Delhi: The initial share sale offer of consumer electronics manufacturer Dixon Technologies was oversubscribed a staggering 117.11 times so far on the last day of bidding on Friday.

The initial public offer (IPO), to raise up to Rs600 crore, received bids for 27,83,21,176 shares against the total issue size of 23,76,557 shares, as per National Stock Exchange data (NSE) data till 4:45pm. Dixon Technologies on Tuesday raised nearly Rs180 crore from anchor investors.

The company has fixed the price band at Rs1,760-1,766.

The offer comprises fresh issue aggregating up to Rs60 crore shares besides an offer for sale of up to 30,53,675 shares by certain existing shareholders.

Proceeds from the issue would 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 upgrade of the information technology infrastructure. It would also be used for repayment of loans and for general corporate purposes.

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

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