Bengaluru-based DCX Systems — a manufacturer of cables and wire harness assemblies — on Friday announced a price band of Rs 197 to Rs 207 per share for its Rs 500-crore initial public offering (IPO). Public subscriptions for the initial share sale will begin on October 31 and end on November 2.
According to the company, they have cut the size of its fresh issue of equity shares to Rs 400 crore from Rs 500 crore planned earlier. Apart from the fresh issue, the IPO comprises an offer-for-sale of equity shares to the tune of up to Rs 100 crore by promoters — NCBG Holdings Inc and VNG Technology.
Net proceeds from the fresh issue will be used to pay off debt, fund working capital requirements, and capital expenditures for Raneal Advanced Systems and general corporate purposes.
The company has reserved 75 percent of the issue size for qualified institutional investors, 15percent for non-institutional investors, and 10 percent for retail investors.
Investors can bid for a minimum of 72 equity shares and in multiples of 72 equity shares after that. DCX specialises in system integration and wire harness assembly manufacturing, as well as kitting.
DCX Systems' revenue from operations grew at a compound annual growth rate (CAGR) of 56.64 percent from Rs 449 crore in fiscal 2020 to Rs 1,102 crore in fiscal 2022.
The company's order book has increased from Rs 1,941 crore as of March 31, 2020 to Rs 2,369 crore, as of March 31, 2022.
Edelweiss Financial Services, Axis Capital and Saffron Capital Advisors are the book running lead managers to the issue. The equity shares are proposed to be listed on both the bourses, BSE and NSE.
(with inputs from PTI)
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