Dixon Technologies IPO subscribed 78% on Day 1, Bharat Road Network IPO gets 22%
The IPOs of Dixon Technologies and Bharat Road, both of which are looking to raise Rs600 crore from their respective share sale, will close on Friday
Mumbai: The initial public offering (IPO) of Dixon Technologies (India) Ltd, a contract manufacturer of electronic products, was subscribed 78% on the first day on Wednesday, while that of Bharat Road Network Ltd, a roads and highways company, saw an overall subscription of 22%.
According to stock exchange data, institutional investors bid for 1.34 times the portion of Dixon Technologies shares reserved for them, while those reserved for non-institutional investors and retail investors saw 4% and 77.9% subscriptions, respectively.
The company has priced its shares in the range of Rs1,760-1,766 apiece. The offer closes on Friday.
The Rs600 crore IPO consists of a fresh issue of shares worth Rs60 crore and an offer for sale of 3.05 million shares by its investor Motilal Oswal Private Equity, which at the upper end of the price band will raise Rs540 crore.
IDFC Bank Ltd, IIFL Holdings Ltd, Motilal Oswal Investment Advisors Ltd and Yes Securities (India) Ltd are managing the share sale for Dixon Technologies.
Meanwhile, exchange data showed that the portion of Bharat Road Network shares reserved for institutions was subscribed 19%, while those for non-institutional bidders and retail investors were subscribed 1% and 76%, respectively.
Bharat Road Network has priced its shares in a band of Rs195-205 apiece. The offer closes on Friday.
The company is looking to raise Rs600 crore in a fresh issue of shares.
Inga Capital Pvt. Ltd, Investec Capital Services (India) Pvt. Ltd and Srei Capital Markets Ltd are managing the share sale for Bharat Road Network.