Exicom Tele-Systems IPO will open for bidding to retail investors on February 27. The IPO will raise Rs 439 crore. The issue has both fresh issue as well as offer for sale. The issue will close for subscription on February 29. The price band for the IPO has been set at Rs 135 to 142 per equity share.
The company’s shares were seeing a premium of nearly 120% in the grey market. It is an unofficial market where shares of the company are traded illegally before listing.
The company offers 2.32 crore shares through fresh issue and 0.7 crore shares through offer for sale. The shares of the company will be listed on both the bourses – NSE and BSE. A retail investor needs to apply for a minimum of 100 shares summing to Rs 14,200. The company has raised around Rs 178 crore from the anchor investors and offered 1.25 crore shares.
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According to the company, the raised net proceeds will be used for finance setting up of production lines at the planned manufacturing facility in Telangana, payment of the company’s debt, working capital requirements, R&D and product development, and general corporate purposes.
The company provides power systems, electric vehicle charging, and other related solutions. The company has two business verticals: power systems and EV charging solutions. The company provides power solutions to digital communication networks and has deployed over 61,000 AC and DC chargers in India and Southeast Asia.
“Considering the EV sector’s robust outlook, the company’s first mover advantage in both power management solutions and EV charging infrastructure, improving financial and operational track record and future expansion plans, we assign a “Subscribe” rating on a medium to long term basis,” said Geojit Financials in an IPO note.
Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services are the book-running lead managers to the issue, while Link Intime India is the registrar for the issue.