Dixon Technologies Ltd to raise Rs. 600 Cr, IPO on Sept. 6

Consumer electronics lighting manufacturer Dixon Technologies India Ltd has fixed a price band of Rs. 1,760 to 1,766 per share for its IPO, which will be launching on Sept. 6.The public officer consists of a fresh issue of shares of Rs. 60 cr and an offer for sale (OFS) of 3.05 million shares by MOPE. The stake sale will give MOPE about Rs. 540 crore, at the upper end of price band.

The company intends to use the proceeds from the IPO for repayment of debt, setting up an LED TV mfg unit at its Tirupati facility for development of its backward integration capabilities in its Dehradun unit and for up-gradation of its IT infrastructure.

IIFL Holdings Ltd, IDFC Bank, Motilal Oswal Investment and Yes Securities Ltd are managing the share sale. The company’s clientele include Philips Lighting India Ltd, Haier Appliance (I) Pvt. Ltd, Panasonic India Pvt. Ltd, Surya Roshni Ltd and Reliance Retail Ltd among others.

The company plans to expand its capabilities across all its product categories such as consumer electronics, home appliances, lighting and mobile phones. Dixon Technologies Ltd reported revenue of Rs. 1,645.6 crore in 2016-17 fiscal, as against revenue of Rs1,253.6 crore in the previous year. It profit figures Rs. 46.4 crore in 2016-17 versus Rs. 36.4 crore in the previous year, as per to the company’s IPO filing.

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Live Stock Market Update By Money Maker Research

NTPC Limited has announced that the Govt of India has proposed to sell up to 41.22 crore shares or 5 percent stake of the company. Indian stock markets plummeted on Tuesday led by the fall in the shares of NTPC after the govt announced that it will sell 5 percent stake in NTPC at Rs 168 per share to raise Rs 7,000 crore. Stocks of NTPC slipped 3.03%, Sun Pharma went down 1.12%, HDFC and HUL down 1.11% and 0.96% respectively among others.

Meantime, NSE benchmark Nifty50 index has made few alterations in its constituents which will be effective from 29 Sept 2017, as per which the stocks of ACC Ltd, bank of Baroda, Tata Power and Tata motors DVR are being removed from Nifty50 index, whereas Bajaj Finance, Hindustan Petroleum Limited and United Phosphorus Ltd (UPL) are to be included in Nifty50 index.

Live Stock Market: The BSE Sensex is trading at 31,499 down 251 pts, while Nifty is trading at 9,837 down 75 pts.