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

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 Rs 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 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 Rs 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 per cent 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 Rs 329 crore and an Offer For Sale (OFS) component of up to 70.42 lakh equity shares worth Rs 100 crore, at the upper end of the price band, by promoter NextWave Communications.

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

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

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

Exicom Tele-Systems Ltd has garnered Rs 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)