Contract electronics manufacturer Dixon Technologies has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The public offer will comprise a fresh issue of shares worth Rs 60 crore and an offer for sale of up to 3,753,739 equity scrips by the existing shareholders. The company, which filed the draft red herring prospectus with the SEBI in May, got the regulator’s approval on July 26.
The company will use the raised fund 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. The book running lead manager to the issue are IDFC Bank, IIFL Holdings, Motilal Oswal Investment Advisors and Yes Securities.
Dixon Technologies (India) is the largest home grown design-focused and solutions company engaged in manufacturing products in the consumer durables, lighting and mobile phones markets in India.
| Company Name | CMP |
|---|---|
| LG Electronics India | 1578.40 |
| Dixon Technologies | 11374.00 |
| IFB Industries | 1116.00 |
| Honeywell Automation | 32808.35 |
| Elin Electronics | 119.75 |
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