DCX Systems Ltd. launched its Rs 500-crore initial public offering on Oct. 31 amid a volatile market.
The IPO was subscribed 8.86 times on day 2. The bidding was led by retail investors.
The defence equipment manufacturer is issuing fresh stock worth Rs 400 crore and selling Rs 100 crore shares via an offer-for-sale in a price band of Rs 197-207 apiece.
The share sale, at the higher end of the price band, will fetch Rs 400 crore for the company. The issue represents 25% of the company’s equity capital following the offering. At the upper end of the price range, the company is worth Rs 2,002 crore.
DCX Systems raised nearly Rs 225 crore from anchor investors, allocating 1.08 crore shares at Rs 207 apiece.
Anchor investors include Motilal Oswal Financial Services Ltd., Housing Development Finance Corp. Ltd., BNP Paribas, Quantum State Investment and India SME Investments.