DCX Systems garners Rs 225 crore from anchor investors ahead of IPO - check issue size, price band
The company has decided to allocate over 1.08 crore equity shares to anchor investors at Rs 207 apiece, aggregating the transaction size to Rs 225 crore, according to a circular uploaded on BSE website.
DCX Systems, manufacturer of cables and wire harness assemblies, on Friday said it has raised Rs 225 crore from anchor investors days ahead of its initial public offering (IPO).
The company has decided to allocate over 1.08 crore equity shares to anchor investors at Rs 207 apiece, aggregating the transaction size to Rs 225 crore, according to a circular uploaded on BSE website.
HDFC Mutual Fund, Motilal Oswal Mutual Fund and BNP Paribas Arbitrage are among the anchor investors.
The company has cut the size of its fresh issue of equity shares to Rs 400 crore from Rs 500 crore planned earlier.
Apart from fresh issue, the IPO comprises an offer for sale of equity shares to the tune of up to Rs 100 crore by promoters -- NCBG Holdings Inc and VNG Technology.
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 issue, with a price band of Rs 197 to Rs 207 per share, will open for public subscription on October 31 and conclude on November 2.
According to the company, 75 per cent of the issue size has been reserved for qualified institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Investors can bid for a minimum of 72 equity shares and in multiples of 72 equity shares thereafter.
The Bengaluru-based company is primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies, and are also involved in kitting.
DCX Systems' revenue from operations grew at a CAGR of 56.64 per cent from Rs 449 crore in fiscal 2020 to Rs 1,102 crore in fiscal 2022.
The company's order book has increased from Rs 1,941 crore as of March 31, 2020 to Rs 2,369 crore as of March 31, 2022.
Edelweiss Financial Services, Axis Capital and Saffron Capital Advisors are the book running lead managers to the issue. The equity shares are proposed to be listed on both the bourses, BSE and NSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI Senior Citizen FD Rate: Here's what State Bank of India giving on 1-year, 3-year, 5-year fixed deposits currently
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
10:51 PM IST