Exicom Tele-Systems IPO Subscribed 10.01 Times On Day 1

Exicom Tele-Systems Ltd.'s initial public offering was subscribed 10.01 times on the first day on Tuesday.

The IPO comprises a fresh issue of Rs 329 crore and an offer for sale of Rs 100 crore. The price band is set at Rs 135–142 per share. The three-day issue to raise up to Rs 429 crore closes on Thursday.

• Issue opens: Feb. 27.

• Issue closes: Feb. 29.

• Total issue size: Rs 429 crore.

• Face value: Rs 10 apiece.

• Fixed price band: Rs 135–142 per share.

• Minimum lot size: 100 shares.

• Listing: NSE and BSE.

Offer for Sale: The promoter selling shareholder will be entitled to the proceeds of the OFS after deducting its proportion of the offer expenses and relevant taxes thereon.

Object of the Fresh Issue: The company proposes to utilise the net proceeds towards funding the following objects:

• Part-financing the cost towards setting up of production/assembly lines at the planned manufacturing facility in Telangana.

• Repayment/pre-payment, in part or full, of certain borrowings.

• Part-funding incremental working capital requirements.

• Investment in R&D and product development.

• General corporate purposes.

The company operates under two business verticals—the critical power solutions business, wherein they design, manufacture and service DC power systems and Li-ion based energy storage solutions to deliver overall energy management at telecommunications sites and enterprise environments in India and overseas and company's electric vehicle supply equipment solutions business, wherein they provide smart charging systems with innovative technology for residential, business, and public charging use in India and which commenced commercial sales in the financial year ended March 31, 2019.

The company is among the first entrants in the EV chargers manufacturing segment in India and as of March 31, 2023, and they had a market share of 60% and 25% in the residential and public charging segments respectively.

The IPO was subscribed 10.01 times as of 5 p.m. on Tuesday.

• Institutional investors: 0.73 times or 73%.

• Non-institutional investors: 19.03 times.

• Retail investors: 27.11 times.