Exicom Tele-Systems IPO subscribed 8 times on day 1, retail portion booked 23x

The Exicom Tele-Systems IPO opened to an upbeat response from the investors on Tuesday, February 27, as the public issue was fully subscribed within hours on the first day.

The initial public offer (IPO) was subscribed over 8.24 times with bids for 15,01,44,900 shares compared to 1,82,23,540 shares on offer, according to NSE data (as of 4pm).

The Exicom Tele-Systems IPO subscription window will remain open between 27 to 29 February.

The retail individual investor (RII) portion of the public issue received the highest bidding, while the non-institutional investors’ (NIIs) segment also saw a strong demand. The retail portion was subscribed 23.84 times with biddings for a total of 7.48 crore shares compared to 31.41 lakh shares reserved for the category. The NIIs portion received applications for more than 6.97 crore shares against 47.11 lakh shares reserved for the segment. The NIIs portion was subscribed 14.8 times, according to the NSE data.

The qualified institutional buyers’ (QIBs) segment of Exicom Tele-Systems IPO was booked 71% with biddings for 73.91 lakh shares against 1.03 shares set aside for the category.

Ahead of the IPO subscription, Exicom Tele-Systems conducted an anchor round of investment, which received a 100% subscription of 1,25,38,800 equity shares. The company raised ₹178 crore in the anchor round.

Exicom Tele-Systems IPO price band and lot size

The Exicom Tele-Systems IPO consists of a fresh issue of 2.32 crore equity shares aggregating to ₹329 crore. There is also an offer for sale (OFS) portion of 7,042,200 shares including anchor allocation of 1,25,38,800 shares.The company has set the price band in the range of ₹135 to ₹142 per share of a face value of ₹10 each.

Of the total shares offered in the public issue, 75% is reserved for QIBs while 15% of the net offer is reserved for NIIs. The company set aside 10% of the issue size for the retail segment.

Retail investors can submit their bids in the Exicom Tele-Systems IPO for a minimum lot size of 100 shares, aggregating to application amount of ₹14,200 and in multiples thereof.

Exicom Tele-Systems IPO share allotment and other details

The Exicom Tele-Systems IPO share allotment is expected to be finalised on March 1. Credit of shares into allottees' demat accounts and a refund for investors who won’t secure shares will be initiated on March 4.

Shares in Exicom Tele-Systems IPO are expected to be listed on BSE and NSE on March 5.

The EV charger maker has appointed Unistone Capital Pvt Ltd, Monarch Networth Capital Ltd and Systematix Corporate Services Limited as the book-running lead managers for the IPO. Link Intime India Private Ltd is the registrar for the public issue.

Exicom Tele-Systems corporate promoter NextWave Communications Private Limited and individual promoter Anant Nahata along with other promoter's group presently hold 91,101,408 equity shares aggregating to 98.60% stake in the company.

Incorporated in 1994, the company is a specialist in power systems, electric vehicle (EV) charging, and other related solutions. The company's business can be classified broadly into two verticals EV charging solutions and power systems.

A pioneer in EV charger manufacturing in India, the company claims to command a market share of 60% and 25% in the residential and public charging segments, respectively. Exicom Tele-Systems has deployed 35,000 EV chargers across 400 locations in India.

Exicom Tele-Systems' clientele includes companies like MG Motors, Reliance BP Mobility Limited (JioBP), Mahindra and Mahindra, JBM and Lithium Urban Technologies.

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