DCX Systems Ltd. became the third most subscribed initial public offering in 2022 so far, after Harsha Engineering International Ltd. and Electronics Mart Ltd.
The Rs 500-crore IPO was fully subscribed on the first day, and demand rose to 69.79 times the shares on offer by the end of the last day.
Institutional investors took the lead by subscribing to the IPO 84.32 times. Retail investors and non-institutional investors followed, bidding for 61.77 times and 44.97 times the portion set aside for them, respectively.
The Harsha Engineering IPO was the most heavily subscribed IPO so far in 2022 with a demand of 74.65 times. Electronics Mart Ltd. was close behind at 71.93 times.
DCX Systems offer comprises a fresh stock issuance worth Rs 400 crore and the sale of shares worth Rs 100 crore by existing investors at 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 its price range, the company is worth Rs 2,002 crore.
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