Dixon Technologies sets IPO price band at Rs 1,760-1,766

Dixon Technologies, a consumer electronics manufacturer, today fixed a price band of Rs 1,760-1,766 per share for its initial public offering, through which it aims to raise about Rs 600 crore.
The IPO will be open for public subscription during September 6-8.
The initial share-sale offer comprises fresh issue aggregating up to Rs 60 crore besides an offer for sale of up to 30,53,675 equity shares by certain existing shareholders.
At the upper end of the price band, the public issue is expected to raise about Rs 600 crore.
"The IPO is scheduled to open on September 6 and close on September 8 with a price band of Rs 1,760-1,766 per equity share of face value of Rs 10 each of the company," Dixon Technologies said in a statement.

Proceeds from the issue will be utilised for setting up a unit for manufacturing of LED TVs at the Tirupati facility, enhancement of backward integration capabilities in the lighting products vertical at Dehradun facility and upgradation of the information technology infrastructure.

Besides, the funds will 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.
The equity shares of Dixon Technologies are proposed to be listed on BSE and National Stock Exchange (NSE).