Latest News | Exicom Tele-Systems IPO Subscribed 129.52 Times on Last Day of Offer

New Delhi, Feb 29 (PTI) The Initial Public Offering (IPO) of EV charger maker Exicom Tele-Systems Ltd got subscribed a whopping 129.52 times on the last day of subscription on Thursday.

The Rs 429 crore-initial share sale received bids for 2,36,03,94,900 shares against 1,82,23,540 shares on offer, as per NSE data.

Also Read | One Vehicle, One FASTag Initiative: Complete FASTag KYC Update by February 29 To Avoid Account Deactivation; Here's a Step-by-Step Guide.

The portion for non-institutional investors got subscribed 153.20 times, while the category for Qualified Institutional Buyers (QIBs) received 121.80 times subscription.

The Retail Individual Investors (RIIs) part attracted 119.51 times subscription.

Also Read | CUET-UG Exam 2024: Application Process for Common University Entrance Test-UG Begins Today, Exams To Be Conducted in Hybrid Mode; Check Other Details.

The IPO got fully subscribed within hours of opening for bidding on Tuesday.

It had a fresh issue of equity shares aggregating up to Rs 329 crore and an Offer For Sale (OFS) component of up to 70.42 lakh equity shares worth Rs 100 crore, at the upper end of the price band, by promoter NextWave Communications.

At present, NextWave Communications holds a 76.55 per cent stake in the company, and HFCL, part of the promoter group, owns a 7.74 per cent shareholding.

Overall, promoters hold a 93.28 per cent stake in Exicom Tele-Systems.

The IPO had a price range of Rs 135-142 a share.

Exicom Tele-Systems garnered Rs 178 crore from anchor investors.

Proceeds from the fresh issue will be used to set up production lines at the manufacturing facility in Telangana, investment in R&D as well as product development, and payment of debt to support working capital requirements, and for general corporate purposes.

Exicom Tele-Systems is a power management solutions provider and operates under two business verticals -- EV (Electrical Vehicle) charger solutions business and power solutions business.

Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services were the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)