The inaugural public offering (IPO) of Exicom Tele Systems Limited, an entity specializing in electric vehicle (EV) charging solutions, commenced trading on Dalal Street on Tuesday, February 27, 2024.
Scheduled to conclude on February 29, 2024, the public issue provides investors with a three-day window for participation. The price spectrum for the Exicom Tele Systems IPO has been established within the range of Rs 135 to Rs 142 per equity share.
This IPO, structured as a book-built issue, endeavors to raise a total of Rs 429 crore, with Rs 329 crore generated from the issuance of fresh shares and an additional Rs 100 crore from the offer-for-sale component.
Anticipated to be dual-listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), the IPO is provisionally slated for listing on March 5, 2024.
Prospective investors intending to partake should take note that the minimum lot size for application comprises 100 shares, necessitating a minimum investment outlay of Rs 14,200. However, for distinct investor categories like non-institutional investors (NII), the minimum investment requisites vary. For sNII, the minimum lot size is 15 lots (equivalent to 1,500 shares), entailing an investment of Rs 213,000, while for bNII, it stands at 71 lots (equivalent to 7,100 shares), necessitating an investment of Rs 1,008,200.
The book-running lead managers for the IPO encompass Monarch Networth Capital Ltd, Unistone Capital Pvt Ltd, and Systematix Corporate Services Limited, with Link Intime India Private Ltd appointed as the registrar.
Before the IPO launch, Exicom Tele-Systems garnered Rs 178.05 crore from anchor investors, signifying robust preliminary interest. Market analysts have observed buoyant sentiment in the grey market, with shares trading at a premium of Rs 129.
Despite a marginal revenue decline in FY23, the company reported a notable surge in profit after tax (PAT) exceeding 24 percent. This performance, alongside the buoyancy witnessed in the grey market, has drawn considerable attention to the IPO.
The finalization of share allocation is slated for March 1, 2024, with Link Intime India Limited serving as the appointed registrar for the process.
