New Delhi: The initial public offer of consumer electronics manufacturer Dixon Technologies was subscribed 78% on the first day of bidding on Wednesday.

The IPO, to raise up to Rs600 crore, received bids for 18,58,776 shares against the total issue size of 23,76,557 shares, data available with the NSE showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 1.34 times, non institutional investors 4% and retail investors 78%.

Dixon Technologies yesterday raised nearly Rs180 crore from anchor investors.

The company has fixed the price band at Rs1,760-1,766.

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.

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.