Exicom Tele-Systems IPO: stock to make D-st debut today; what GMP signals

Exicom Tele-Systems Ltd is set to make its market debut on Tuesday, March 5. If one goes by the grey market premium (GMP), the company is headed for a solid listing, thanks to heavy buying interest during the bidding process and record high levels of headline stock indices.

Ahead of its listing, Exicom Tele-Systems was commanding a premium of Rs 160 apiece in the grey market over its issue price of 160, suggesting a listing pop of 112 per cent. The premium in the unofficial market has remained stable around Rs 150-160 since the issue opened for bidding.

Exicom Tele-Systems sold its IPO within a price range of Rs 142-145 per share. The bidding window was opened from February 27 to February 29. Through its primary offering, the company successfully raised a total of Rs 429 crore, comprising Rs 329 crore from fresh share sale and an offer-for-sale (OFS) of up to 70.42 lakh equity shares.

The IPO garnered overwhelming interest, with a subscription rate of 129.54 times, fueled by robust participation from qualified institutional bidders (QIBs), whose allocation was oversubscribed by 121.80 times. Non-institutional investors subscribed at a rate of 153.22 times, while retail investors bid 119.59 times their allotted portion.

Exicom Tele-Systems was incorporated in 1994. It specialises in power systems, electric vehicle (EV) charging, and related solutions. The company operates across two main business segments: power systems and EV charging solutions. It is one of the pioneers in India's EV charger manufacturing sector.

Exicom Tele-Systems IPO's book running lead managers were Unistone Capital, Monarch Networth Capital and Systematix Corporate Services, while Link Intime India served as the registrar for the issue.