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DCX Systems IPO subscribed 8.6 times on Day 2 with strong interest from retail investors

DCX Systems IPO subscribed 8.6 times on Day 2 with strong interest from retail investors

DCX Systems IPO subscribed 8.6 times on Day 2 with strong interest from retail investors
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By Sandeep Singh  Nov 2, 2022 7:57:52 AM IST (Published)

DCX Systems IPO: Potential investors can bid for DCX Systems shares in a price band of Rs 197-207 in multiples of 72.

DCX Systems' IPO worth up to Rs 500 crore received bids for almost nine times the shares on Tuesday, the second day of the bidding process. The IPO of the Bengaluru-based manufacturer of cables and wire harness assemblies comprises fresh issuance of shares worth to Rs 400 crore and an offer for sale (OFS) of up to Rs 100 crore by existing shareholders. Bidding will be available for one more trading day, Wednesday, from 10 am to 5 pm.

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At the end of Tuesday, the DCX IPO received bids for 12.4 crore shares against the 1.5 crore shares on offer — a subscription of 2.1 times, with a robust response from retail investors. Out of the total issue, up to 10 percent of shares are reserved for retail investors, up to 15 percent for non-institutional investors and at least 75 percent for qualified institutional buyers.
Bidding for DCX Systems shares is available in a price band of Rs 197-207 in multiples of 72 under the IPO — meaning potential investors have to shell out Rs 14,184-14,904 to bid for one lot.
DCX Systems shares are likely to be listed on stock exchanges BSE and NSE on November 11. The finalisation of basis of allotment is likely on November 7.
DCX is a profitable company. For the year ended March 2022, it registered a net profit of Rs 65.6 crore and revenue of Rs 1,102.3 crore.
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