DCG Cables and Wires IPO Listed with 10% Discount, Opens at ₹90 Apiece

Tanushree Jaiswal Tanushree Jaiswal 16th April 2024 - 01:23 pm
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DCG Cables and Wires IPO debuted weakly on NSE SME today. On NSE SME, DCG Cables and Wires share price opened at ₹90, 10% lower than the issue price of ₹100.

DCG Cables and Wires' first public offering began on Monday, April 8, and ended on Wednesday, April 10. The issue's price band is established at ₹100 per share, with a face value of ₹10. The DCG Cables and Wires IPO lot size was 1,200 equity shares, which investors may bid on at a minimum. On day three of the DCG Cables and Wires IPO, the subscription rate was 16.96 times.

Established in 2017, DCG Cables and Wires manufactures copper cables and wires for Indian transformer manufacturers.

The company sells paper-covered copper conductors and connecting cables, copper strips in both round and rectangular shapes, copper tapes, bare copper wires and strips, and wires consisting of copper and fiber glass copper.

The company has three manufacturing facilities in Odhav, Ahmedabad, Kubadthal, Ahmedabad, and Waghodia, Vadodara, with a combined capacity of 5,868 MT for bare copper wire and strip, 1,404 MT for paper-coated copper strips and wires, 1,512 MT for cable wires, 5,760 MT for copper rods, 10,080 MT for flat copper wires, 972 MT for submersible wires, and 540 MT for glass fiber coated copper strips.

DCG Cables and Wires IPO Details

DCG Cables and Wires Ltd's ₹49.99 crore IPO would issue 49,99,200 equity shares having a face value of ₹10. There is no offer for sale component.

The business expects to use the net proceeds from the offering to cover working cash requirements, capital expenditure for building development, general corporate objectives, and public issue expenditures.

Bigshare Services Pvt Ltd is the registrant for the DCG Cables and Wires IPO, while Interactive Financial Services Ltd serves as the book running lead manager. Nikunj Stock Brokers is the market maker for DCG Cables and Wires' first public offering.

To Summarize

DCG Cables & Wires shares opened slowly on April 16 after being listed for Rs 90, a 10% reduction to the issue price of Rs 100 per share on the NSE SME platform. The corporation aims to apply the proceeds of the offer to cover capital requirements for building construction, public issue expenditures, and other corporate objectives.

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