Receives bids for 16.51 lakh shares
The initial public offer (IPO) of Dinesh Engineers received bids for 16.51 lakh shares today, 3 October 2018, as against 1 crore shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue was subscribed 0.17 times. The issue opened for subscription on 28 September 2018 and closes today, 3 October 2018. The price band for the issue has been fixed at Rs 183 to Rs 185 per share.
Incorporated in 2006, Dinesh Engineers (Dinesh) is a passive communication infrastructure provider providing services mainly to the telecom operators and internet service providers (ISPs). The company has been licensed by Department of Telecommunications (DoT) with the Infrastructure Provider License, under which company can establish and maintain wired networks, Duct Space for the purpose to grant on lease or sale on IRU (Indefeasible right of use) basis to the licensees of telecom operators and ISPs.
The IPO comprises initial public offering of 1 crore equity shares, which at lower price band of Rs 183 per share, works out to Rs 183 crore and at higher price band of Rs 185, the issue size works out to Rs 185 crore. The minimum bid lot is 80 equity shares and in multiples of 80 equity shares.
The objects of the issue is to use Rs 156.50 crore towards expansion of business by setting up of further OFC Network under IP-1 Licence and balance for other corporate purposes apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders. The promoters and group will hold 74.7% of total paid up equity share capital of the company post listing.
On a consolidated basis, Dinesh Engineers reported profit after tax of Rs 61.77 crore on net sales of Rs 302.17 crore in the 12-months ended March 2018.
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