DCX Systems IPO receives 8.57 times subscription on second day of offer

The initial public offering of DCX Systems, manufacturer of cables and wire harness assemblies, got subscribed 8.57 times on the second day of the offer on Tuesday.

The IPO received bids for 12.43 crore shares against 1.45 crore shares on offer, according to an update on NSE.

The category meant for Retail Individual Investors (RIIs) received 26.55 times subscription while the portion for non-institutional investors got subscribed 11.05 times and Qualified Institutional Buyers (QIBs) segment was subscribed 1.82 times.

The offer has a fresh issue aggregating up to Rs 400 crore and offer for sale of up to Rs 100 crore.

The price range for the offer is at Rs 197-207 a share.

On Friday, DCX Systems said it has raised Rs 225 crore from anchor investors.

The company proposes to utilise the net proceeds from the fresh issue towards debt payment, funding working capital requirements, investment in its wholly-owned subsidiary Raneal Advanced Systems to fund its capital expenditure and general corporate purposes.

The Bengaluru-based company is primarily engaged in system integration and manufacturing of a comprehensive array of cables and wire harness assemblies, and are also involved in kitting.

Edelweiss Financial Services, Axis Capital and Saffron Capital Advisors are the managers to the offer.