Dixon Technologies Mops Up Rs 180 Crore From Anchor Investors Ahead Of IPO

Dixon Technologies (India) Ltd., maker of consumer electronics and lighting products, raised Rs 179.8 crore from anchor investors ahead of its initial public offering that opens on Wednesday.

The company allotted shares to 15 anchor investors, the Noida-based company said in a media release. Shares were issued at the upper end of its IPO price band of Rs 1,760-1,766 apiece.

DSP Blackrock, Goldman Sachs India Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, HDFC Mutual Fund, Birla Sun Life, ICICI Prudential are among the anchor investors.

Also Read: Dixon Technologies IPO: Here’s All That You Need To Know

Before an IPO opens, shares are allotted to anchor investors, which are usually large foreign and domestic funds, to show backing for the offer by institutional investors.

The company is looking to raise as much as Rs 600 crore through the IPO which is a combination of a fresh issue and an offer for sale. The issue will remain open for three days.

The proceeds of the IPO will be used to repay debt, set up an LED manufacturing unit, enhance lighting products vertical, upgrade information technology infrastructure and for general corporate purposes, the company said in its draft prospectus.