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Stellar listing: Dixon Tech debuts at Rs 2,725; up 64% over issue price | The GRS Solution

Stellar listing: Dixon Tech debuts at Rs 2,725; up 64% over issue price | The GRS Solution 


Consumer electronics manufacturer Dixon Technologies made a strong debut on bourses Monday as the stock has opened at Rs 2,725, up 54 percent over its issue price of Rs 1,766.
The share price touched a high of Rs 2,899 in early trade, up as much as 64 percent over IPO price. It traded with volumes of 14 lakh shares at 10:05 hours IST. The GRS Solution
It deserved such a stellar listing, especially after the solid oversubscription and hefty grey market premium.

The Rs 600-crore public issue of Dixon Technologies had received strong response from investors, showing a oversubscription of 117.83 times.
The public issue, which was opened during September 6-8, comprised of fresh issue of Rs 60 crore and an offer for sale of upto 30,53,675 equity shares (including anchor portion of 10,18,027 equity shares).
Dixon will use issue proceeds for setting up a unit for manufacturing LED TVs at its Tirupati facility; enhancement of backward integration capabilities in the lighting products vertical at Dehradun facility and upgradation of the information technology infrastructure; for repayment of loans; and for general corporate purposes.

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