DCX Systems launches QIP to raise up to ₹500 crore, floor price set at ₹358.3 crore
The QIP issue is likely to result in an equity dilution of 9.1% on the base deal size and 15.1% on the upsized deal size, sources said. Promoters of DCX Systems currently hold 71% stake in the company as per the December shareholding pattern.
DCX Systems — a maker of cables and wire harness assemblies — has launched a qualified institutional placement (QIP) to raise funds of up to ₹500 crore, sources told CNBC-TV18.
The base issue size is ₹300 crore, while a green shoe option of ₹200 crore is also in place, sources said.
Floor price of the issue has been fixed at ₹358 per share, which is a 2.7% discount to Monday's closing price. DCX Systems, in a stock exchange filing said that it may offer a discount of up to 5% on the floor price.
Issue price for the QIP is likely to be set at ₹341 per equity share, the sources said, which will be a 4.8% discount to the floor price.
The QIP issue is likely to result in an equity dilution of 9.1% on the base deal size and 15.1% on the upsized deal size, sources said. Promoters of DCX Systems currently hold 71% stake in the company as per the December shareholding pattern.DCX Systems launches QIP to raise up ₹500 cr, indicative issue price at ₹341/sh, 4.8% discount to SEBI floor price, sources say pic.twitter.com/ayzbrmumX3
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Shares of DCX Systems ended in the red for the second day during the previous trade session, down 1.2% at ₹368 apiece. The stock has gained 31.14% in the last six months, and 72.44% in the past year.
DCX Systems listed on the stock exchanges in November 2022, at a premium of 39% of its issue price of ₹207. The company intented to raise ₹500 crore through its IPO, which was subscribed nearly 70 times. It received bids for 104.7 crore shares against the 1.5 crore shares that were on offer.
(Edited by : Shloka Badkar)
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