Dixon Technologies IPO oversubscribed 1.22 times on Day 2

The initial share sale of consumer electronics manufacturer Dixon Technologies was oversubscribed 1.22 times on the second day of bidding on Thursday.

The initial public offer (IPO), to raise up to Rs 600 crore, received bids for 28,93,336 shares against total issue size of 23,76,557 shares, data available with the NSE till 1215 hrs showed.

Till Wednesday, the IPO has subscribed 78 per cent.

Dixon Technologies on Tuesday raised nearly Rs 180 crore from anchor investors.

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

The offer comprises 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.

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 upgradation 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.