Dixon Technologies IPO Can Hit Market In September:
Dixon Technologies IPO is planned to hit the capital markets in the first week of September for raising nearly Rs 700 crore through a public offer, which will make the Noida-based company the first Indian mobile phone producer to be listed since the launch of the ‘Make in India’ programme.
The company, which makes consumer electronics, home appliances, washing machines, mobile phones and lighting products for a number of brands including Panasonic, Phillips, Intex and Gionee, will channel the funds towards setting up a new plant for LED televisions and LED bulbs at Tirupati, paying off debt and getting into new businesses.
“We will get into backward integration for LED televisions with capacity of 1million a year, and LED lighting with capacity of 5 million a month including tubelights at the Tirupati plant, which will be used for exports,” said Sunil Vachani, chairman and managing director, Dixon.
“With the new plant, we will be the third largest manufacturers of LED bulbs globally with capacity of 10 million a month,” he added. Dixon will also enter into security systems, cameras, recorders and digital video recorders.
Tirupati will be the company’s seventh plant after three facilities each in Noida in Uttar Pradesh and Dehradun in Uttarakhand. The company, which got an approval from the Securities Exchange Board of India (Sebi) earlier this month, will raise fresh equity of Rs 60 crore through the offer.
Proceeds from the sale of Dixon Technologies IPO will go to paying off half its outstanding debt of Rs 45 crore, as per the draft prospectus filed last month. Post the offer, retail investors will hold about 40% of the company.
IDFC Bank, IIFL Holdings, Motilal Oswal Investment Advisors and Yes Securities are book running lead managers to the issue.
The company, which also refurbishes mobile phones including iPhones through a partner, closed the year ended March 2017 with a revenue of Rs 2,400 crore, maintaining a growth of 25% CAGR.
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