Exicom Tele Systems sets IPO price band at Rs 135-142 a share

The firm will use Rs 50.30 crore for repayment of debt. As of December 2023, its total borrowings stood at Rs 95.34 crore.

EV charger manufacturer Exicom Tele-Systems Ltd has set a price band of Rs 135-142 a share for its public issue that will open for bids on February 27.

The anchor book will open on February 26 and the issue will close on February 29. Basis of allotment will be on March 1 and the stock will list on the exchanges on March 5.

The public offer comprises a fresh issue of shares worth Rs 329 crore and an offer-for-sale of 70.42 lakh shares. On the upper band price, OFS will be worth Rs 98.59 crore and total issue size will be at Rs 428 crore. The total market capitalisation after listing will be around Rs 1,700 crore.

The proceeds from the issue worth Rs 145.77 crore will be used to part finance setting up the production lines at a planned manufacturing facility in Telangana. The company operates three manufacturing units in India - one in Solan, Himachal Pradesh, and two in Gurugram, Haryana.

The company will use Rs 50.30 crore for repayment of debt. As of December 2023, its total borrowings stood at Rs 95.34 crore.

NextWave Communications, Satellite Finance and Vinsan Brothers hold a 76.55 percent, 4.64 percent and 4.35 percent stake in the company, respectively. HFCL has a 7.74 percent stake in the company. The HFCL stock has gained over 30 percent year-to-date mainly because of the upcoming IPO of Exicom.

Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services are lead managers. The company, led by NextWave Communications and Anant Nahata, focuses on EV chargers and critical power solutions with a 60 percent market share in residential charging and 25 percent in public charging as of March 31, 2023, deploying over 35,000 chargers across 400 locations in India.

The company was among the first entrants in the EV chargers manufacturing segment. As of March 31, 2023, it had a market share of 60 percent and 25 percent in the residential and public charging segments and further, it has deployed over 35,000 EV chargers across 400 locations in India.

On the financial front, the company’s revenue from operations dipped 16 percent to Rs 707.93 crore in FY23, while profit after tax grew 24 percent to Rs 6.37 crore compared to the year-ago period.

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