Dixon Technologies and Bharat Road IPOs to hit market this week
New Delhi: Two companies—Dixon Technologies and Bharat Road Network—are headed to the market with their initial share sale offers this week to raise an estimated Rs1,200 crore. The initial public offerings (IPOs) of both will be open for subscription during 6-8 September.
Dixon Technologies, a consumer electronics manufacturer, has fixed a price band of Rs1,760-1,766 per share for its IPO, through which it aims to raise about Rs600 crore. The offer comprises fresh issue aggregating up to Rs60 crore besides an offer for sale of up to 30,53,675 shares by certain existing shareholders. At the upper end of the price band, the issue is expected to raise about Rs600 crore.
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 general corporate purposes.
IDFC Bank, IIFL Holdings, Motilal Oswal Investment Advisors and Yes Securities are the book running lead managers to the issue.
Bharat Road Network, a Srei Infrastructure Finance initiative, has fixed price band of Rs195-205 per share for its IPO and aims to raise Rs600 crore.
The company had said in a statement last week that it “will be launching its IPO of up to 2.93 crore equity shares which is scheduled to open on 6 September and close on 8 September at price band of Rs195-205 per equity share”.
At the upper end of the band, the company is expected to garner Rs600 crore. Net proceeds from the issue will be utilised towards advancing of subordinate debt in the form of interest free unsecured loan to its subsidiary, STPL, for part-financing of the STPL Project, among others. INGA Capital, Investec Capital Services and Srei Capital Markets will manage the IPO. Both the companies are proposed to be listed on the BSE and the National Stock Exchange (NSE).
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