Exicom Tele-Systems mobilises Rs 178 crore from anchor investors ahead of IPO

Exicom Tele-Systems IPO opens on February 27

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26 Aug, 2025 12:21

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Electric vehicle charging solutions provider Exicom Tele-Systems has raised Rs 178 crore from anchor investors on February 26, a day prior to the public issue opening.

The initial public offering will be opened for subscription on February 27, and the closing date will be February 29.

The company, in its filing to the exchanges, said it has finalised allocation of 1,25,38,800 equity shares to anchor investors at a price of Rs 142 per equity share.

Several marquee investors participated in the offer including 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.

Also read: Platinum Industries IPO | Institutional investors pick Rs 71 crore worth shares via anchor book

Quant Mutual Fund through Quant Momentum Fund was the biggest investor in Exicom, buying Rs 53.05 crore worth of shares, followed by Bajaj Allianz Life Insurance Company which picked nearly Rs 20 crore worth shares.

ITI Small Cap Fund was the third largest investor in the company via anchor book, acquiring Rs 17.5 crore worth shares, followed by JM Flexicap Fund which bought Rs 12 crore worth of shares.

The Gurugram-headquartered EV battery manufacturer intends to raise Rs 429 crore through its maiden public issue. The IPO comprises a fresh issue of Rs 329 crore worth of equity shares by the company, and an offer-for-sale (OFS) of 70.42 lakh shares worth Rs 100 crore at the upper price band.

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Promoter NextWave Communication will be selling shares in the OFS.

Promoters hold 93.29 percent shareholding in Exicom, and the rest of shares are held by public shareholders including Rare Enterprise.

The company will spend Rs 145.77 crore for setting up production/assembly lines at manufacturing facility in Telangana, Rs 69 crore for working capital requirements, and Rs 40 crore for investment in R&D and product development.

Further, Rs 50.3 crore will be used for repaying debts and the remaining will be set aside for general corporate purposes. It had a debt of Rs 95.34 crore on its books at the end of December 2023.