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The initial public offerings of Dixon Technologies and Bharat Road Network have sailed through on the last day of bidding on Friday in different style.
While the share sale offer of consumer electronics manufacturer Dixon Technologies was subscribed by a whopping 117.64 times, the public issue of Bharat Road Newtork received bids for 1.8 times.
While the qualified institutional buyers portion got subscribed 135 times, the quota for non-institutional investors and retail investors received bids for 345.73 times and 10 times respectively.
Dixon Technologies, which plans to raise up to Rs 600 crore, has received bids for 27.83 crore shares against the total issue size of 2.376 crore, as per NSE data. The company has fixed the price band at Rs 1,760-1,766.
Ahead of the public issue, Dixon Technologies had raised Rs 180 crore from anchor investors.
The offer comprises fresh issue aggregating up to Rs 60 crore shares besides an offer for sale of up to 30.536 lakh shares by certain existing shareholders.
The company plans use the proceeds from the for setting up a unit for manufacturing LED TVs at its Tirupati facility, enhancement of backward integration capabilities in the lighting products vertical at Dehradun facility and upgradation of the information technology infrastructure.
It would also be used for repayment of loans and for general corporate purposes.
For Bharat Road Network issue attracted retail investors heavily at 5.57 times. While QIB quota was subscribed by 1.33 times, NII portion received bids for 1.63 times.
Kolkata-based Bharat Road Network, a unit of Srei group, plans to raise as much as ₹600 crore through an initial public offering of shares in a price band of ₹195-205 a share. The issue will constitute 34.9 per cent of the company’s post-issue paid-up equity share capital.
The proceeds would be used to buy quasi-capital deployed by Srei into three road special purpose vehicles of Bharat Road Network, including Solapur Tollways Pvt Ltd, Kurukshetra Expressway Pvt Ltd and Mahakaleshwar Tollways Pvt Ltd as well as for extending subordinate debt to the company’s subsidiary (Solapur Tollways Pvt Ltd) for part-financing of the project.
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