Exicom Tele Systems makes strong debut, shares list at over 86% premium

Power and EV battery solutions provider Exicom Tele Systems made a stellar debut on stock exchanges on Tuesday. The stock was listed at a premium of over 86% to the issue price on the NSE and BSE.

On the National Stock Exchange, the stock was listed at ₹265 per share against the issue price of ₹142 per share, implying a premium of 86.6%. The counter also saw heavy trading activity as more than 2.4 crore shares changed hands on the exchange in the first hour of trade. The traded value was ₹619 crore while the market capitalisation stood at over ₹2,955 crore.

On BSE the stock made its debut at ₹264 per share against the issue price, reflecting a premium of 85%. Around 12 lakh shares were traded in the first hour.

The stock however was trading lower than the listing price in late morning deals. On NSE, Exicom shares traded at ₹248.15, down 6.36% from the listing price at 11 am while on BSE the stock was trading ₹246.8 apiece, down 6.52% from the listing price.

Exicom Tele Systems raised a total of ₹429 crore from public investors through its initial public offering last month. The public issue was open for subscription from February 26 to 29. The public issue comprised a fresh issue of shares worth ₹329 crore and an offer for shares of up to 70.42 lakh shares worth ₹100 crore by promoters.

The issue was priced at ₹135 to ₹142 per equity share. The minimum investment was ₹13,500 at the lower price end. The lot size was 100 equity shares for retail investors.

The company has proposed to utilise the proceeds of ₹329 crore from the fresh issue for setting up production lines, R&D activities, repayment of loans and other purposes.

The public offer received strong demand from investors as it was subscribed around 129 times on the final day. The company received applications for 2,36,07,64,300 equity shares against 1,82,23,540 shares on offer.

The qualified institutional buyers’ category was subscribed by more than 121 times. The non-institutional investors’ category was subscribed 153 times while the retail segment was subscribed 119.59 times.

Exicom Tele-Systems, which was founded in 1994, provides power management solutions. The company has two business verticals – power solutions business and Electrical Vehicle charger solutions segment.

Under the power solutions segment, the company produces DC Power Systems and Lithium-ion based storage solutions. These solutions are installed at enterprises and telecommunications sites in India and abroad.

Under the EV solutions segment the company offers smart charging systems for residential, business and public charging use.