DCX Systems IPO subscribed 69.79 times on last day of public offer

The initial public offering of DCX Systems, manufacturer of cables and wire harness assemblies, received 69.79 times subscription on the final day on Wednesday.

The IPO received bids for 101.27 crore shares against 1.45 crore shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) got subscribed 84.32 times, while the portion for Retail Individual Investors (RIIs) received 61.77 times subscription and non-institutional investors quota was subscribed 43.97 times.

The offer had a fresh issue of up to Rs 400 crore and an offer for sale of up to Rs 100 crore.

Its price range was at Rs 197-207 a share.

On Friday, DCX Systems said it has raised Rs 225 crore from anchor investors.

The company proposes to utilise the net proceeds from the fresh issue towards debt payment, funding working capital requirements, investment in its wholly-owned subsidiary RaNeal Advanced Systems to fund its capital expenditure and general corporate purposes.

The Bengaluru-based company is primarily engaged in system integration and manufacturing of a comprehensive array of cables and wire harness assemblies, and are also involved in kitting.

Edelweiss Financial Services, Axis Capital and Saffron Capital Advisors were the managers to the offer.