Exicom Tele-Systems IPO subscribed 10 times on first day of offer – ET Auto

baua

Exicom Tele-Systems IPO subscribed 10 times on first day of offer – ET Auto


Exicom Tele-Systems Ltd has garnered INR 178 crore from anchor investors.

New Delhi: The Initial Public Offering (IPO) of EV chargers maker Exicom Tele-Systems Ltd got subscribed 10 times on the first day of subscription on Tuesday. The INR 429 crore-IPO received bids for 18,23,99,200 shares against 1,82,23,540 shares on offer, translating into 10.01 times subscription, according to NSE data.

The Retail Individual Investors (RIIs) part got subscribed 27.11 times while the quota for non-institutional investors received 19.03 times subscription. The Qualified Institutional Buyers (QIBs) category fetched 73 % subscription.

The IPO got fully subscribed within hours of beginning of the bidding process.

The IPO has a fresh issue of equity shares aggregating up to INR 329 crore and an Offer For Sale (OFS) component of up to 70.42 lakh equity shares worth INR 100 crore, at the upper end of the price band, by promoter NextWave Communications.

At present, NextWave Communications holds a 76.55 % stake in the company, and HFCL, part of the promoter group, owns a 7.74 % shareholding.

Overall, promoters hold a 93.28 % stake in Exicom Tele-Systems.

The IPO has a price range of INR 135-142 per share.

Exicom Tele-Systems Ltd has garnered INR 178 crore from anchor investors.

Proceeds of the fresh issue will be used towards setting up production lines at the manufacturing facility in Telangana, investment in R&D as well as product development, and payment of debt to support working capital requirements and for general corporate purposes.

Exicom Tele-Systems is a power management solutions provider and operates under two business verticals — EV (Electrical Vehicle) charger solutions business and power solutions business.

In the EV charger business, the company provides smart charging systems with innovative technology for residential, business, and public charging use in India, and in the other vertical, it designs, manufactures, and services DC Power Systems to deliver overall energy management at telecommunications sites and enterprise environments in India and overseas.

Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services are the managers to the offer.

  • Published On Feb 28, 2024 at 08:28 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETAuto App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App


E-quipment Highlight: Club Car Urban is the most practical electric pickup in US

Meet the Club Car UTV. A small, neighborhood-legal EV that its makers says combines the…

SEG Automotive is strengthening India’s EV ecosystem with innovative solutions | Autocar Professional

SEG Automotive, born from the BOSCH Starter Motors & Generators division in January 2018, boasts…

Embraer’s Eve rolls out flying taxi prototype, cash needs covered until 2027 – ET Auto

The first non-conforming prototype is equipped with electric engines but does not have a cabin…