NOIDA, INDIA – Dixon Technologies filed its draft prospectus with the Securities and Exchange Board of India for an initial public offering.

The IPO is for shares worth Rs 60 crore (US$ 0.9303) and an offer for sale of 3.75 million shares. The total size of the IPO is expected be around $77 million to $94 million.

Motilal Oswal Private Equity Investment Advisors is expected to sell 2.64 million shares, equivalent to an approximate 24% stake. The firm owns 30% stake in the contract electronics manufacturer.

Dixon expects to use proceeds from the IPO to repay debt and set up an LED television manufacturing unit at its Tirupati facility.

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