India: Dixon Tech IPO subscribed 78%, Bharat Road Network gets 22% on Day 1

Photo: Reuters

The initial public offering (IPO) of Dixon Technologies (India) Ltd, a contract manufacturer of electronic products, was subscribed 78% on the first day on Wednesday, while that of Bharat Road Network Ltd, a roads and highways company, saw an overall subscription of 22%.

According to stock exchange data, institutional investors bid for 1.34 times the portion of Dixon Technologies shares reserved for them, while those reserved for non-institutional investors and retail investors saw 4% and 77.9% subscriptions, respectively.

The company has priced its shares in the range of Rs1,760-1,766 apiece. The offer closes on Friday.

The Rs600 crore IPO consists of a fresh issue of shares worth Rs60 crore and an offer for sale of 3.05 million shares by its investor Motilal Oswal Private Equity, which at the upper end of the price band will raise Rs540 crore.

IDFC Bank Ltd, IIFL Holdings Ltd, Motilal Oswal Investment Advisors Ltd and Yes Securities (India) Ltd are managing the share sale for Dixon Technologies.

Meanwhile, exchange data showed that the portion of Bharat Road Network shares reserved for institutions was subscribed 19%, while those for non-institutional bidders and retail investors were subscribed 1% and 76%, respectively.

Bharat Road Network has priced its shares in a band of Rs195-205 apiece. The offer closes on Friday.

The company is looking to raise Rs600 crore in a fresh issue of shares.

Inga Capital Pvt. Ltd, Investec Capital Services (India) Pvt. Ltd and Srei Capital Markets Ltd are managing the share sale for Bharat Road Network.

Also Read:

India: Dixon Technologies raises $28m from anchor investors ahead of IPO

India: Bharat Road Network to launch $93m IPO on September 6

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.