Dixon Technologies IPO subscribed 117 times on final day

Mumbai: The initial public offering (IPO) of Dixon Technologies (India) Ltd, a contract manufacturer of electronic products, was subscribed 117.65 times on the final day on Friday, while the share sale of Bharat Road Network Ltd, a road and highways company, closed with an overall subscription of 1.8 times.

According to stock exchange data, the portion of Dixon Technologies’ shares reserved for institutional investors was subscribed 134.77 times, while that reserved for non-institutional and retail investors saw subscriptions that were 345.73 and 10 times, respectively.

The company priced its shares in a range of Rs1,760-1,766 per share.

Dixon Technologies’s Rs600-crore IPO consists of a fresh issue of shares worth Rs60 crore and an offer for sale of 3.05 million shares by 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 Ltd’s (BRNL) shares reserved for institutions was subscribed 1.33 times, while those for non-institutional bidders and retail investors were subscribed 1.63 and 5.57 times, respectively.

BRNL priced its shares in a band of Rs195-205 for the share sale. The company is looking to raise Rs600 core 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.

Both the share sales closed on Friday.

So far this year, 17 companies have raised a total of Rs14,185.12 crore through IPOs, data from primary market tracker Prime Database shows.