HFCL-backed Exicom Tele makes stellar debut as stock jumps 59%

Platinum Industries rises 29 per cent on Day 1 of listing

Anant Nahata Managing Director, CEO, Exicom Tele Systems Ltd, along with company management and family members ringing the iconic NSE Bell in the presence of Ashish Kumar Chauhan, Managing Director & Chief Executive Officer, NSE.

Shares of Exicom Tele-Systems made a strong debut at the bourses on Tuesday after a blockbuster IPOs.

Shares of HFCL-backed Exicom Tele listed with 61 per cent premium at ₹264 against the IPO price of ₹142 and moved up further to ₹274.45. However, the stock surrendered part of gains to close at ₹225.65 — up 59 per cent over the IPO price. On the NSE, after listing at ₹265, it closed at ₹224.95.

Platinum Industries listed at ₹228, against the IPO price of ₹171, on the BSE and closed at ₹220.90, up 29.18 per cent over the IPO price. On the NSE, the stock closed at ₹221.20.

99x subscription

The ₹235.32-crore initial public offering of Platinum Industries was subscribed 99 times. The entire offer was a fresh issue. The portion allocated for non-institutional investors was subscribed 141.8 times, while that of retail investors’ by 50.91 times. The quota for qualified institutional buyers fetched 151 times subscription.

Ahead of IPO, Platinum Industries raised ₹70.59 crore from seven anchor investors — Baring Private Equity India AIF 2, Elara India Opportunities Fund, Saint Capital Fund, Antara India Evergreen Fund Ltd, Nav Capital VCC - NAV Capital Emerging Star Fund, Astorne Capital VCC Arven and Leading Light Fund VCC - The Triumph Fund.

The company intends to use the net proceeds from the offering for investing in Platinum Stabilisers Egypt LLC, its subsidiary; financing working capital needs; funding capital expenditure required for the establishment of a PVC stabiliser manufacturing facility in Palghar, Maharashtra; and general corporate purposes. Platinum Industries is in the stabiliser manufacturing sector.

Exicom offer

The ₹429-crore IPO of HFCL-backed Exicom saw a strong response from all category of investors with retail investors portion getting subscribed by 119.49 times, HNIs by 153.20 times and QIBs 121.80 times. HFCL, part of the promoter group, owns a 7.74 per cent shareholding.

Proceeds from the IPO — fresh issue worth ₹329 crore — will be used towards setting 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.

Ahead of the IPO, it garnered ₹178 crore from anchor investors from marquee investors such as Maybank Asiapac Ex-Japan Equity I Fund, Nepean Long Term Opportunities Fund, Abakkus Diversified Alpha Fund, Quant Mutual Fund, JM Financial Mutual Fund, Aditya Birla Sun Life Trustee and SBI General Insurance Company.

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.

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HFCL-backed Exicom Tele makes stellar debut as stock jumps 59%