The initial public offer (IPO) of Exicom Telesystems received 50,59,42,200 bids for shares as against 1,82,23,540 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (28 February 2024). The issue was subscribed 27.76 times.
The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 135 to 142 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.
The IPO comprises fresh issue of equity shares worth up to Rs 329 crore and an offer for sale of 70,42,200 equity shares aggregating up to Rs 100 crore by NextWave Communications.
The objectives of the fresh issue include Rs 145.7 crore for part-financing the cost to set up production and assembly lines at the planned manufacturing facility in Telangana, Rs 50.2 crore for repayment and pre-payment, of certain borrowings, Rs 69 crore to part-fund incremental working capital, Rs 40 crore for investment in R&D and product development, and the remaining amount for general corporate purposes.
The promoters of the company are NextWave Communications and Anant Nahata. The promoters and promoter group hold an aggregate of 91,100,208 equity shares, aggregating to 93.29% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding is expected to be around 69.57%.
Ahead of the IPO, Exicom Telesystems on Monday, 26 February 2024 raised Rs 178.05 crore from anchor investors. The board allotted 1.25 crore shares at Rs 142 each to 16 anchor investors.
Exicom Telesystems was incorpaorated in 1994, it is a power management solutions provider specializing in power systems, electric vehicle (EV) charging, and other related solutions.
The company has two business verticals, critical power solutions business: designs, manufactures and services 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 EV supply equipment solutions business: providing smart charging systems with innovative technology for residential, business and public charging use in India.
The firm reported a net profit of Rs 27.46 crore and sales of Rs 455.04 crore for the six months ended on 30 September 2023.