Electronic sub-systems and cable harnesses manufacturer DCX Systems had a stellar performance on its debut, rising 49 percent on November 11, backed by healthy market conditions.
In fact, the listing with gains of 39 percent at Rs 287 was largely on expected lines given the healthy financial performance, reasonable valuations, increasing government's focus on defence sector and robust orderbook.
The stock closed at Rs 308.45 a piece on the National Stock Exchange, up 49 percent over issue price of Rs 207, while the closing on the BSE was Rs 308.80.
DCX traded with volume of 21.19 lakh shares on the BSE, and 3.62 crore shares on the NSE.
The company raised Rs 500 crore via initial public offering that comprised a fresh issue of Rs 400 crore and an offer for sale of Rs 100 crore.
Also read: DCX Systems makes a stellar debut: Should you buy, sell or hold the stock?
The price band for the offer was Rs 197-207 per share.
DCX has been a preferred Indian offset partner (IOP) for foreign original equipment manufacturers and for executing aerospace and defense manufacturing projects.
The company recorded a 159 percent growth (CAGR) in profit and revenue grew at a CAGR of 57 percent during FY21-FY22. It also has a strong order book of Rs 2,564 crore as of June 2022, which analysts believe provides healthy revenue visibility for next two years.
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