Dixon Technologies IPO Gets SEBI Approval:
Dixon Technologies, a consumer electronics and lighting product manufacturer, has received market regulator Sebi’s approval. Dixon Technologies IPO can raise an estimated Rs 600 -650 crore.
This IPO will allow Motilal Oswal PE, an exit opportunity. Motilal Oswal PE invested in the company in 2008 and since then it has remained invested in Dixon,
Dixon Technologies is in the business of making printed circuit boards, LED TVs , mobile phones, washing machines , compact fluorescent and LED lamps. The company supplies to the leading companies in the industry such as Panasonic, Intex, Gionee, Godrej, Haier, Philips and Anchor.
The brand Weston is owned by the company and has manufacturing plant at Dehradun in Uttarakhand and Noida in Uttar Pradesh.
The company had filed draft papers with Sebi to float an IPO in May and got ‘observation’ from the regulator on 26 July, as per the latest update with Securities and Exchange Board of India (Sebi).
Dixon Technologies IPO comprises fresh issue of shares worth Rs60 crore and an offer for sale of up to 3,753,739 equity scrips by the existing shareholders.
According to sources, the company is targeting to raise Rs600-650 crore through the initial public offering. Proceeds from the issue will be utilised for setting up a unit for manufacturing of LED TVs at the Tirupati facility, enhancement of backward integration capabilities in the lighting products vertical at Dehradun facility and upgradation of the information technology infrastructure.
Besides, the funds will also be used for repayment of loans and for general corporate purposes.
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Some SME IPO will also be active in market in coming week.
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