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Consumer electronics and lighting products manufacturer Dixon Technologies (India) is planning to raise ₹600-650 crore through an IPO, paving the way for a partial exit of Motilal Oswal Private Equity (MOPE).
While the company did not state the amount it intends to raise through the IPO, sources close to the development said it was planning to raise ₹600-650 crore. This is riding on the strong market conditions, a source who declined to the identified, said.
When contacted the company declined to comment on the quantum it intends to raise.
On Friday, the company filed a DRHP with SEBI for the IPO. According to the DRHP, the IPO consists of a fresh issue of about ₹60 crore and an offer-for-sale of up to 37.5 lakh shares.
The equity shares will have a face value of ₹10 each. The issue will be done on book-building basis and the price band will be decided later.
Motilal Oswal Private Equity had invested ₹40 crore in Dixon in July 2008.
Noida-based Dixon Technologies will use part of the proceeds from the fresh issue for repayment or pre-payment of certain borrowings. It has total borrowings of about ₹63 crore.
It will also use the proceeds to set up an LED TV manufacturing unit at its Tirupati facility.
IDFC Bank, IIFL Holdings, Motilal Oswal Investment Advisors and YES Securities (India) are the book running lead managers to the issue, while Karvy Computershare is the registrar.
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