DCX Systems IPO: The qualified institutional buyers’ (QIBs’) portion got subscribed 84.32 times, while the non-institutional investors’ category received 43.97 times subscription. The quota for retail individual investors (RIIs) got subscribed 61.77 times.
The share allotment status of DCX Systems’ initial public offering (IPO) would be finalised on Monday. The initial share sale of Bengaluru-based company got subscribed 69.79 times on the last day of subscription (November 2). The public offer received bids for 101.27 crore shares against 1.45 crore shares on offer, NSE data showed.
The qualified institutional buyers’ (QIBs’) portion got subscribed 84.32 times, while the non-institutional investors’ category received 43.97 times subscription. The quota for retail individual investors (RIIs) got subscribed 61.77 times.
The IPO of up to Rs 755 crore had a fresh issue of up to Rs 455 crore and an offer for sale of up to Rs 300 crore. The price range for the offer was Rs 314-330 a share.
The offer had a fresh issue of up to Rs 400 crore and an offer for sale of up to Rs 100 crore.
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Latest grey market premium
Market participants said DCX Systems IPO grey market premium (GMP) today is at Rs 80. It implies that the grey market is expecting the lender to list around Rs 287 (Rs 207 + Rs 80), which is more than 38 per cent higher than the IPO’s upper band price of Rs 207 per equity share.
The company aims to utilise the net proceeds from the fresh issue towards debt payment, funding working capital requirements and investment in its wholly-owned subsidiary Raneal Advanced Systems.
The company is primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies and is also involved in kitting.
On the financial front, DCX Systems’ revenue from operations grew at a CAGR (Compounded annual growth rate) 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.