DCX Systems IPO fully subscribed on Day 1; receives 2.11 times subscription

The Initial Public Offering (IPO) of DCX Systems, manufacturer of cables and wire harness assemblies, received 2.11 times subscription on the first day of offer on Monday.

The IPO received bids for 3,05,65,584 shares against 1,45,11,146 shares on offer, according to NSE data.

The category meant for Retail Individual Investors (RIIs) received 8.70 times subscription, while the portion for non-institutional investors got subscribed 2.16 times.

Qualified Institutional Buyers (QIBs) quota received 3 per cent subscription.

Fresh issue aggregating up to Rs 400 crore and an offer for sale of up to Rs 100 crore.

The price range for the offer is 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 are the managers to the offer.

The equity shares are proposed to be listed on both the BSE and NSE.