Electric vehicle charging solutions company Exicom Tele-Systems shares rallied 58 percent on the listing day, i.e. March 5, partly impacted by market weakness and participants seem to have preferred to take profits off the table.
The stock opened on a robust note at Rs 265, growing 86.6 percent over the issue price of Rs 142 but lower than analysts' estimates. Analysts had expected the stock to list with more than 100 percent premium and even the grey market premium indicated a similar kind of listing premium.
The stock immediately hit an intraday high of Rs 274.50 and started witnessing some profit booking as the day progressed. Finally, it closed with 58.42 percent gains at Rs 224.95 on the NSE, with volume of 3.52 crore equity shares, while on the BSE, the stock gained 58.91 percent to close at Rs 225.65, with volume of 19.25 lakh shares.
Exicom Tele-Systems, which competes with Servotech Power Systems and HBL Power Systems, has raised Rs 429 crore through its public issue which was subscribed 129.54 times during February 27-29.
Also read: Exicom Tele-Systems IPO: Should you buy, hold, or sell the stock?
The price band for the IPO, which was comprised of a fresh issue of Rs 329 crore and an offer-for-sale (OFS) of shares worth Rs 100 crore by promoter, was Rs 135-142 per share.
Incorporated in 1994, Exicom is a power management solutions provider, operating under two business verticals - critical power solutions business, and electric vehicle supply equipment solutions segment.
By March FY23, it had a market share of 60 percent and 25 percent in the residential and public charging segments, respectively, while in the critical power business, it enjoyed a market share of 16 percent in the DC Power Systems market.
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