The Exicom Tele-Systems Initial Public Offering (IPO) concluded on Thursday after witnessing robust interest from investors during its three-day subscription period.
The IPO garnered significant attention, with the overall subscription reaching 133.56 times the offer size, underscoring the strong demand for the company's shares.
During the final day of subscription, all investor categories exhibited substantial interest. The retail category recorded a subscription rate of 124.27 times, followed by 124.82 times in the Qualified Institutional Buyer (QIB) category, and an impressive 159.29 times in the Non-Institutional Investor (NII) category.
Against an offer of 1,76,72,400 shares, bids were received for 2,36,04,10,100 shares, highlighting the overwhelming investor response.
As of February 29, 2024, the Grey Market Premium (GMP) for Exicom Tele-Systems stood at Rs 151, indicating a potential listing price of approximately Rs 293 per share, representing a substantial gain of 106.34 percent from the issue price.
The IPO, valued at Rs 429 crore, comprises a fresh issue of 2.32 crore shares worth Rs 329 crore and an offer for sale of 70 lakh shares amounting to Rs 100 crores. The subscription period commenced on February 27, 2024, and concluded on February 29, 2024, with allotment expected to be finalized by Friday, March 1, 2024. The company's shares are anticipated to be listed on both the BSE and NSE tentatively on Tuesday, March 5, 2024.
Investors were offered an opportunity to participate in the Exicom Tele-Systems IPO within a price band of Rs 135 to Rs 142 per share, with a minimum lot size of 100 shares. Retail investors were required to commit a minimum of Rs 14,200, while Non-Institutional Investors (NII) and Qualified Institutional Buyers (QIB) had to invest Rs 213,000 and Rs 1,008,200 respectively.
The book-running lead managers for the Exicom Tele Systems IPO included Monarch Networth Capital Ltd, Unistone Capital Pvt Ltd, and Systematix Corporate Services Limited, with Link Intime India Private Ltd serving as the registrar for the issue.
