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The initial public offering (IPO) of DCX Systems, manufacturer of cables and wire harness assemblies, will open for public subscription next week on Monday, October 31, 2022 and the three-day issue will conclude on Wednesday, November 2, 2022. The company on Friday said it has fixed a price band of ₹197 to ₹207 per share for its initial share sale.
The company has cut the size of its fresh issue of equity shares to ₹400 crore from ₹500 crore planned earlier. Apart from the fresh issue, the IPO comprises an offer for sale (OFS) of equity shares to the tune of up to ₹100 crore by promoters, NCBG Holdings Inc and VNG Technology.
As per market observers, DCX Systems shares are commanding a premium (GMP) of ₹88 in the grey market today. The shares of the company are expected to list on stock exchanges BSE and NSE on Friday, November 11, 2022.
The company proposes to utilise the net proceeds from the fresh issue towards debt payment, funding working capital requirements, investment in its wholly-owned subsidiary Raneal Advanced Systems to fund its capital expenditure expenses and general corporate purposes.
Edelweiss Financial Services, Axis Capital and Saffron Capital Advisors are the book running lead managers to the issue. Link Intime India Private Ltd is the registrar of the share sale.
DCX Systems Ltd, the Bengaluru-based company, is primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies, and are also involved in kitting.
DCX Systems’ revenue from operations grew at a CAGR of 56.64% from ₹449 crore in fiscal 2020 to ₹1,102 crore in fiscal 2022. The company’s order book has increased from ₹1,941 crore as of March 31, 2020 to ₹2,369 crore, as of March 31, 2022.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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