IPO
EV charger maker Exicom Tele-Systems’ Rs.429-Cr IPO oversubscribed 130 times
Gurugram-headquartered maker of chargers for electric vehicles Exicom Tele-Systems ’ IPO was subscribed 129.54 times on the last day of bidding, February 29. High networth individuals subscribed 153.22 times, retail investors picked 119.58 times, while qualified institutional buyers bid 121.80 times of the allotted quota.Ahead of the IPO, the company had raised INR 178 crore from anchor investors 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.The firm intended to raise INR 429 crore through its maiden public issue, which comprised a fresh issue of INR 329 crore worth of shares by the company and an offer-for-sale (OFS) of 70.42 lakh shares worth INR 100 crore at the upper price band. Promoter NextWave Communication would sell shares in the OFS.NextWave Communications, Satellite Finance, and Vinsan Brothers hold a 76.55%, 4.64%, and 4.35% stake in the company, respectively. HFCL has a 7.74 % stake. The rest of the shares are held by public shareholders including Rare Enterprise.Exicom Tele-Systems will spend INR 145.77 crore for setting up production/assembly lines at a manufacturing facility in Telangana, INR 69 crore for working capital requirements, and INR 40 crore for investment in R&D and product development. Further, INR 50.3 crore will be used for repaying debts.
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