Exicom Tele-Systems IPO sees bumper launching, checklists at 87% premium

Exicom Tele-Systems preliminary public offer (IPO) experienced a strong launching on the bourses on March 5, detailing at Rs 265, commanding a costs of 87 percent over the issue price of Rs 142 per share.

The Gurugram-headquartered EV battery charger manufacturer intended to elevate Rs 429 crore with its initial public issue which comprises a fresh problem of Rs 329 crore well worth of shares by the firm and an offer-for-sale (OFS) of 70.42 lakh shares worth Rs 100 crore at the top cost band. Promoter NextWave Interaction will be selling shares in the OFS.

The problem received a healthy and balanced 129.54 x membership on February 29, the final day of bidding. High total assets people were at the forefront, subscribing 153.22 times, retail financiers selected 119.58 times, while qualified institutional buyers bid 121.80 times the assigned allocation.

The firm operates as a power management solutions service provider, with a focus on 2 key business verticals. In the EV chargers service, it supplies smart billing systems for property, business, and public billing applications in India. In the important power solutions service, Exicom concentrates on the style, manufacturing, and servicing of vital electronic infrastructure modern technology.

Of the fresh profits, Exicom intends to allocate Rs 145.77 crore for establishing production/assembly lines at a manufacturing center in Telangana. Furthermore, Rs 69 crore will certainly be allocated for conference working funding requirements, while Rs 40 crore will be designated for financial investment in research and development (R&D) and item development. A portion of the funds, amounting to Rs 50.3 crore, is earmarked for paying back debts, and the remaining balance will be scheduled for general company purposes.

The company was among the first entrants in the EV chargers producing segment. As of March 31, 2023, it had a market share of 60 percent and 25 percent in the residential and public billing segments and further, it has actually released over 35,000 EV battery chargers across 400 areas in India.

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