DCX Systems IPO
DCX Systems IPO — date, price band, lot size & details 2022
DCX Systems listed on 11 Nov 2022 at ₹287, 38.6% above the ₹207 issue price.
DCX Systems makes electronic sub-systems and cable harnesses for defence and aerospace, and is a preferred Indian Offset Partner for foreign OEMs. Its revenue from operations was Rs 1,102.27 crore in FY2022.
Stock price
DCX Systems is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 31 Oct 2022
- Close 02 Nov 2022
- Allotment 07 Nov 2022
- Refund/credit 09 Nov 2022
- Listing 11 Nov 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 31 Oct to 2 Nov, 2022 |
|---|---|
| Price Band | ₹197 – ₹207 |
| Face Value | ₹2 |
| Lot Size | 72 Shares |
| Issue Size | ₹500 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,904 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 72 shares at the ₹207 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 72 | ₹14,904 |
| Retail (max) | 13 | 936 | ₹1,93,752 |
| S-HNI (min) | 14 | 1,008 | ₹2,08,656 |
| S-HNI (max) | 67 | 4,824 | ₹9,98,568 |
| B-HNI (min) | 68 | 4,896 | ₹10,13,472 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Revenue from operations rose from Rs 449.26 crore in FY2020 to Rs 1,102.27 crore in FY2022, as per the RHP.
- 02Profit after tax rose from Rs 9.74 crore in FY2020 to Rs 65.61 crore in FY2022.
- 03The P/E was 22.52 at the upper band of Rs 207, based on FY2022 basic EPS of Rs 9.19 in the RHP.
- 04Rs 400.00 crore of the Rs 500 crore issue was fresh capital, with Rs 110.00 crore for repaying debt.
- 05It works with large defence names in 4 countries, including Israel Aerospace Industries and Bharat Electronics.
Risks · 5
- 01Total borrowing was Rs 502.62 crore on 31 March 2022, against net worth of Rs 117.59 crore.
- 02Margins are thin, and profit was only Rs 5.57 crore in the three months to 30 June 2022 on revenue of Rs 213.25 crore.
- 03The business depends on a small number of customers, with only 26 customers on 30 June 2022.
- 04Much of the work comes from defence offset contracts, so changes in offset policy can hit orders. Customers in 3 foreign countries add currency risk.
- 05Promoters held 98.20% before the issue and 73.58% after it, as per the RHP share counts.
Three years of numbers
All figures in ₹ crore, as reported in the DCX Systems offer document.
| Metric | 30 Jun 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 1,011.61 | 942.62 | 793.18 | 698.85 |
| Revenue from Operations | 213.25 | 1,102.27 | 641.16 | 449.26 |
| Total Income | 220.25 | 1,124.33 | 683.24 | 465.23 |
| Profit After Tax | 5.57 | 65.61 | 29.56 | 9.74 |
| NET Worth | 123.18 | 117.59 | 46.79 | 17.17 |
| Total Borrowing | 498.32 | 502.62 | 136.38 | 133.98 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the DCX Systems RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
DCX Systems IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹9.19 | ₹1.38 |
| P/E Ratio (x) | 22.52 | 150.00 |
| Market Cap at Offer Price (₹ Cr) | ₹125.46 | ₹835.50 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹207 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹373.03 Cr of the issue is earmarked to named objects.
About the company
Its work covers system integration for radar systems, sensors, electronic warfare, missiles and communication systems, plus cable and wire harness assemblies and assembly-ready kits of electronic parts.
In 2020 it commissioned a new plant at the Hi-Tech Defence and Aerospace Park SEZ in Bengaluru. On 30 June 2022 it had 26 customers in Israel, the United States, Korea and India, including Elta Systems, Israel Aerospace Industries and Bharat Electronics.
The IPO was Rs 500 crore, with Rs 400.00 crore of fresh issue and Rs 100.00 crore of offer for sale by two promoters. Rs 110.00 crore was planned for repaying borrowings and Rs 160.00 crore for working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
DCX Systems IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
82 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Edelweiss Financial Services Ltd
12 issues handledBest listing: Indigo Paints (+75.0%). Weakest: Lodha Developers (-10.3%).
Saffron Capital Advisors Pvt. Ltd
1 issue handled1 of their issues has listed so far, and 0 opened above the issue price (average -14.3%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of DCX Systems?
The current Grey Market Premium is ₹75, or 36% over the issue price.
What is the DCX Systems IPO price band?
₹197 to ₹207, on a face value of ₹2.
When is the allotment?
The basis of allotment is 7 November 2022, with listing on 11 November 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
