Exicom Tele Systems has initiated its initial public offering (IPO) worth Rs 429 crore, which commenced on Tuesday, February 27, and will remain open for subscription until Thursday, February 29.
Under this IPO, the company is providing shares at a predetermined price range spanning from Rs 135 to Rs 142 each, with a stipulated minimum application size of 100 equity shares.
As of February 27, 2024, at 3:07 pm, the Exicom Tele Systems IPO has witnessed significant oversubscription, with a subscription rate of 7.32 times overall. Specifically, the retail category has experienced an oversubscription of 21.36 times, the QIB category by 0.01 times, and the NII category by 12.60 times.
Various brokerage firms have shared their insights on the Exicom Tele Systems IPO, offering diverse perspectives. SBICAP Securities advocates for long-term subscription, emphasizing the company's expansion strategies and growth potential within the EV industry.
Similarly, Nirmal Bang Securities recommends subscription, highlighting the promising growth opportunities in the telecom infrastructure and EV charging markets. Canara Bank Securities also advises subscribing, underscoring Exicom's market position and financial indicators for potential gains at listing and in the long run.
Reliance Securities acknowledges Exicom's market share and product diversity in EV charging, supporting their recommendation for a subscription. Arihant Capital Markets accentuates Exicom's strategic expansions and commitment to research and development, advocating for subscription.
StoxBox by BP Equities assigns a subscribe rating, considering Exicom's positioning in green energy sectors. Lastly, Globe Capital Market suggests subscribing for the long term, citing Exicom's advantage as a first mover and promising market prospects.
Regarding the latest Grey Market Premium (GMP) for the Exicom Tele Systems IPO, updated as of February 27th, 2024, at 02:57 PM, it stands at Rs 180. With the price band set at Rs 142.00, the projected listing price for the IPO is estimated to be Rs 322 (combining the cap price and the current GMP). This suggests an anticipated percentage gain/loss per share of 126.76 percent.
Additional details about the IPO reveal that Exicom Tele Systems, established in 1994, specializes in power systems and electric vehicle (EV) charging solutions. The IPO comprises a fresh shares sale worth Rs 329 crore and an offer-for-sale (OFS) of up to Rs 100 crore by its promoter NextWave Communications.
The company intends to utilize the IPO proceeds for various purposes, including financing manufacturing facilities, debt repayment, working capital, research and development, and general corporate requirements.
Exicom Tele-Systems has already secured Rs 178 crore from anchor investors, showcasing investor confidence. Noteworthy participants in this phase include Maybank Asiapac Ex-Japan Equity I Fund, Nepean Long Term Opportunities Fund, and Quant Mutual Fund.
