Shares of DCX Systems, a manufacturer of cables and wire harness assemblies, made a strong market debut on Friday, as the stock got listed at ₹287 on the National Stock Exchange (NSE), up 38.6% over its issue price of ₹207. On the Bombay Stock Exchange (BSE), the scrip opened at ₹286.25, up 38.3% against the IPO issue price.

Post listing, DCX Systems share price gained as much as 47% to hit a high of ₹304.85 on the BSE, while it touched a high of ₹304.75 on the NSE. As many as 1.88 crore shares changed hands on the NSE and 11.69 lakh on the BSE in the first half an hour of trade so far. The market capitalisation stood at ₹2,943.78 crore at the time of reporting. Meanwhile, the BSE benchmark Sensex was trading 897 points higher at 61,511 levels, with all 30 shares flashing in the green zone.

The strong listing of DCX Systems was in line with the expectations of Dalal Street as the stock was commanding a healthy grey market premium of 35-40%, a day ahead of its listing. The ₹500 crore initial public offering (IPO) of the company received an overwhelming response from investors, with the issue oversubscribing 76.23 times. The IPO had received subscribed ratings from the majority of the brokerage firms.

Investors made bids for 1,012,744,152 equity shares as against 13,285,024 offered by the company. Segment wise, the portion for retail bidders was subscribed 64.91 times, whereas the quota for non-institutional buyers (NIIs) was booked 46.21 times. As per the offer document filed with SEBI, 50% of the quota was reserved for qualified institutional buyers (QIBs), 15% for NIIs, and remaining 35% for retail bidders.

The three-day public offer, which was a mix of fresh equity shares and an offer for sale (OFS), had a price band of ₹197-200 apiece. The lot size of the issue was 72 equity shares and in multiples of 72 equity shares thereafter.

DCX Systems IPO listing

DCX Systems makes strong debut, lists at 39% premium