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Sep 18, 2017 10:17 AM IST | Source:

Dixon Technologies, Bharat Road Network to debut on bourses on September 18

Dixon Technologies has fixed issue price at Rs 1,766 per share and Bharat Road Network has set it at Rs 205 per share, the higher end of price band.

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Consumer electronics manufacturer Dixon Technologies and road BOT company Bharat Road Network are set to debut on exchanges on September 18.

The former has fixed issue price at Rs 1,766 per share and the later has set it at Rs 205 per share, the higher end of price band. Both IPOs closed on September 8.

The Rs 600-crore public issue of Dixon Technologies has received strong response from investors, showing a oversubscription of 117.83 times.

The issue received bids for over 28 crore equity shares against issue size of 23.76 lakh shares (excluding anchor investors' portion). The reserved portion of qualified institutional investors was oversubscribed 134.66 times while the portion set aside for retail investors saw a subscription of 10.60 times and non-institutional investors 345.61 times.

The public issue consisted of fresh issue of Rs 60 crore and an offer for sale of upto 30,53,675 equity shares (including anchor portion of 10,18,027 equity shares, through which it already raised Rs 179.78 crore).

Dixon will use issue proceeds 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; for repayment of loans; and for general corporate purposes.

The Rs 600-crore IPO of Bharat Road Network, a SREI Infrastructure Finance company, was oversubscribed 1.81 times.

The issue received bids for 5.3 crore shares against the total issue size of 2.93 crore shares. The portion set aside for qualified institutional buyers (QIBs) saw oversubscription of 1.33 times, non-institutional investors 1.63 times and retail investors 5.69 times.

Bharat Road will utilise issue proceeds towards advancing of subordinate debt in form of interest free unsecured loan to its subsidiary (Solapur Tollways Private Limited) for part financing of the project; for acquisition of the subordinated debt given by SREI to three special purpose vehicles i.e. Solapur Tollways Private Limited, Kurukshetra Expressway Private Limited & Mahakaleshwar Tollways Private Limited; and general corporate purposes.
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