Huge Earnings Anticipated! Electric Vehicle Charger Manufacturer Exicom’s IPO Making Waves in Grey Market
Exicom Tele-Systems Limited, a leading company in the development of electric vehicle (EV) chargers, is set to open its Initial Public Offering (IPO) on February 27. Investors can place their bids in this issue until February 29. The price band for the IPO has also been announced, ranging from ₹135 to ₹142 per share. The company aims to raise a total of ₹429 crore through this offering. According to the Red Herring Prospectus (RHP), anchor investors have been participating in the IPO since February 26. Stay tuned for more updates on this exciting development in the financial market.
More Information on the IPO
The IPO comprises a total of 32.9 crore equity shares, including one fresh issue and an Offer for Sale (OFS) component by Promoter Nexwave Communications of 7.042 million equity shares. The company initiated the placement of 52.59 lakh equity shares at a pre-IPO placement price of ₹135 per share, totaling ₹71 crore. Nexwave Communications holds a significant majority stake in the company, with 76.55% ownership, while HFCL holds 7.74% ownership. Promoters collectively hold a substantial 93.28% stake in Exicom Tele-Systems.
GMP Status
According to market experts, Exicom Tele-Systems Limited’s IPO is currently available in the grey market with a premium of ₹80 per share. This suggests a potential listing price of ₹222 per share. This implies that the company’s shares could yield a profit of up to 56% from the initial price. The closing of Exicom’s IPO is expected to be on March 1, with equity shares set to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on March 5.
About the Company
Exicom Tele-Systems Limited intends to utilize the proceeds from its recent issue for various purposes, including setting up production lines in Telangana, research and development initiatives, product development, repayment of loans, and general corporate purposes. Monarch Networth Capital, Systematix Corporate Services, and Unistone Capital Services serve as the Book Running Lead Managers for Exicom’s IPO, while Link Intime India Private Limited acts as the IPO registrar.
