Exicom Tele Systems IPO to open on February 27; check price band, other details

Exicom Tele Systems will launch its initial public offering (IPO) on Tuesday, February 27. The issue, which will conclude on Thursday, February 29, will be available for bidding in the price band of Rs 135-142 apiece. Investors can make bids for a minimum of 100 equity shares and its multiples thereafter.

Incorporated in 1994, Exicom Tele-Systems specialises in power systems, electric vehicle (EV) charging, and other related solutions. The company operates under two business verticals: power systems and EV charging solutions. The company was among the first to enter India's EV charger manufacturing segment.

Exicom Tele Systems is looking to sell fresh shares worth Rs 329 crore and offer-for-sale (OFS) of up to 70,42,200 equity shares by its promoter NextWave Communications, amounting to Rs 100 crore. In total, the company is looking to raise a total of Rs 429 crore at the upper end of the price band. Anchor book for the issue will open on Monday, February 26.

The net proceeds from the issue would be utilised towards part-financing the cost towards setting up production/assembly lines at the planned manufacturing facility in Telangana; repayment or prepayment, in part or full, of certain borrowings; part-funding incremental working capital requirements; investment in R&D and product development and general corporate purposes

Exicom Tele Systems operates in the EV charger business, offers both slow charging solutions: AC chargers for residential use; and fast charging solutions: DC chargers for business and public charging networks in cities and highways.

The customer base includes established automotive OEMs for passenger cars and EV buses, charge point operators, and fleet aggregators.

It had installed more than 61,000 EV chargers across 400 locations in India by September 30, 2023. The company has deployed 470,810 Li-ion batteries for application in the telecommunications sector, equivalent to a storage capacity of over 2.10 GWH. The company has supplied its EV Chargers to over 70 customers.

For the period ended on September 30, 2023, Exicom Tele Systems reported a net profit at Rs 27.46 crore with a revenue of Rs 467.21 crore. Its net profit came in at Rs 6.37 crore with a revenue of Rs 723.40 crore for the financial year ended on March 31, 2023.

Exicom Tele Systems will be offering 75 per cent of the net offering to the qualified institutional investors (QIBs). The quota reserved for non-institutional investors (NIIs) stands at 15 per cent. The remaining 10 per cent of the net offer is reserved for retail investors.

Monarch Networth Capital, Unistone Capital and Systematix Corporate Services are the book running lead managers of the Exicom Tele-Systems IPO, while Link Intime India is the registrar for the issue. Shares of the company are likely to be listed on both BSE and NSE on Tuesday, March 5.

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