DCX Limited IPO

DCX Systems IPO | Review

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DCX Systems Limited has come up with an initial public offer (IPO). It will open on Oct 31-Nov 02, 2022 at Rs.197-207 a share. The IPO issue size is around Rs. 500 crore. The minimum bid will be for 72 shares and in its multiples thereafter.


DCX Systems Limited is among the leading Indian players for the manufacture of electronic sub-systems and cable harnesses in terms of manufacturing capability and revenue in the defence and aerospace sector. It is primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies and kitting. The company has commenced operations in 2011 and have been a preferred Indian Offset Partner (“IOP”) for foreign original equipment manufacturers (“OEMs”) for executing aerospace and defence manufacturing projects. It is a rapidly growing company in the Indian defence space and its revenue from operations have grown at a CAGR of 56.64%. Over the years, it has expanded manufacturing capabilities and grown its order book.

The company classify its operations under the following business verticals:- 1) System Integration, 2) Cable & Wire Harness Assemblies, 3) Kitting. In addition, it also undertake certain job work services that includes assembly and testing of materials that have been supplied directly by its customers.

Website http://www.dcxindia.com/


Dr. H.S. Raghavendra Rao – 9.56%NCBG Holdings Inc – 44.32%
VNG Technology Pvt Ltd – 44.32%

Promoter Holding

Pre-Issue Shareholding – 98.20%Post-Issue Shareholding – 73.58%

Strength & Weakness

Preferred Indian Offset PartnerDependent on Key customers
Technology enabled and scalable end-to-end capabilitiesRevenue depends significantly on offset defense contracts
Business model with visibility of cash flowsForeign currency fluctuation risk
Ability to mitigate operational and technology riskNegative cash flows in the past
Advanced and modern manufacturing facilitySignificant competitive industry
Well-positioned to capitalize on industry tailwindsHigh debt equity ratio
Consistent financial performancePast entered into related party transactions
Experienced and qualified PromotersSubject to strict quality requirements


Electronic Sub-systemsCable Harnesses


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Company Financials

YearRevenue (in Crore)Profit (in Crore)

Object of Issue

1) Repayment/ prepayment, in full or part, of certain borrowings availed of by our Company

2) Funding working capital requirements of our Company

3) Investment in our wholly owned Subsidiary, Raneal Advanced Systems Private Limited, to fund its capital expenditure expenses

4) General corporate purposes.

DCX Systems IPO Lot Size

Retail (Min)172Rs.14,904
Retail (Max)13936Rs.1,93,752
S-HNI (Min)141,008Rs.2,08,656
B-HNI (Max)674,896Rs.10,13,472

DCX Systems IPO details

IPO Opening Date October 31, 2022
IPO Closing Date November 2, 2022
Face Value Rs.2 per Equity Share
IPO Price Rs. 197-207 per share
Market Lot 72 shares
Minimum Order Quantity 72 shares
Listing At NSE, BSE
Issue Size Up to Rs. 500 Crore
QIB Shares Offered 75% of the offer
Retail Shares Offered 15% of the offer 
NII/HNI Shares Offered 10% of the offer 

DCX Systems IPO Timetable

IPO DateOct 31- Nov 2, 2022
Allotment DateNovember 7, 2022
Initiation of RefundsNovember 9, 2022
Credit of share to Demat a/cNovember 10, 2022
IPO Listing DateNovember 11, 2022

Allotment Status

Link Intime – https://linkintime.co.in/mipo/ipoallotment.html

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About the author

Shankar Awale

Hey! I am Shankar Awale an aspiring blogger with an obsession for all things of Finance. This blog is dedicated to help people to learn about Financial Knowledge in easy language.

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