Dixon Technologies IPO oversubscribed 117 times on last day

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 today.

The initial public offer (IPO), to raise up to Rs 600 crore, received bids for 27,83,21,176 shares against the total issue size of 23,76,557 shares, as per NSE data till 1645 hrs.

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.