New Delhi, Mar 5 (PTI) Shares of EV charger maker Exicom Tele-Systems Ltd listed with a huge premium of nearly 87 per cent against the issue price of Rs 142 on Tuesday.

The stock made its debut at Rs 264, rising sharply by 85.91 per cent from the issue price on the BSE. It later zoomed 93.27 per cent to Rs 274.45.

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It began the trade at Rs 265, up 86.61 per cent on the NSE.

The company commanded a market valuation of Rs 2,857.50 crore.

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The Initial Public Offering (IPO) of 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 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.

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

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.

(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)