Exicom Tele-Systems IPO booked 16 times on Day 2, retail investors take the lead

Before the IPO, the company secured Rs 178 crore from anchor investors.

The Rs 429-crore public issue of Exicom Tele-Systems was subscribed 16.03 times on February 28, the second day of bidding. The IPO received a total of 29.22 crore bids as against an issue size of 1.82 crore shares.

At the forefront were retail investors, garnering almost 44 times their allotted quota, while non-institutional investors mopped up 30.35 times the portion reserved for them. Qualified institutional buyers of QIBs also subscribed to the issue, picking up 1.15 times their portion.

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In the initial public offer of the Gurugram-based EV charger manufacturer, approximately 75 percent of the shares are reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.

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The IPO includes fresh shares of Rs 329 crore and an offer-for-sale (OFS) of 70.42 lakh shares amounting to Rs 100 crore at the upper price band from promoter NextWave Communication.

Before the IPO, the company secured Rs 178 crore from anchor investors. Marquee investors such as Maybank Asiapac Ex-Japan Equity I Fund, Nepean Long Term Opportunities Fund, Abakkus Diversified Alpha Fund, Quant Mutual Fund, JM Financial Mutual Fund, Aditya Birla Sun Life Trustee, and SBI General Insurance Company were among the participants in the anchor investor round.

The company plans to spend Rs 145.77 crore to set up assembly lines at a facility in Telangana. Additionally, Rs 69 crore will be earmarked for working capital requirements, while Rs 40 crore will be invested in research and development (R&D) and product development.

A portion of the funds, amounting to Rs 50.3 crore, will be utilised for repaying debts, and the remaining amount will be allocated for general corporate purposes.

Exicom Tele-Systems operates as a power management solutions provider with two primary business verticals. Its EV chargers business offers smart charging systems for residential, business, and public charging applications. Second is the critical power solutions business through which the company designs, manufactures and services critical digital infrastructure technology.