Comments
The initial public offering of Exicom Tele-Systems Ltd will close for public subscription today. The IPO saw a strong response from all category of investors, with retail and non-institutions investors giving it a robust response. The IPO has a price range of ₹135-142 a share.
The ₹429-crore IPO received bids for 50.59 crore shares, as against 1.82 crore shares (net off anchor portion) on offer, translating into 27.76 times subscription, according to NSE data.
The company has reserved not less than 75 per cent of the issue for qualified institutional buyers (QIBs), not more than 10 per cent for retail investors, and not more than 15 per cent for non-institutional investors (NII).
The quota for retail investors was subscribed 64.73 times, that for HNIs by 54.36 times, and the portion for qualified institutional buyers was subscribed 4.48 times.
The IPO was fully subscribed within hours of the bidding process beginning.
The IPO has a fresh issue of equity shares aggregating up to ₹329 crore and an offer-for-sale (OFS) component of up to 70.42 lakh equity shares worth ₹100 crore by promoter NextWave Communications. 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.
Exicom Tele-Systems Ltd has garnered ₹178 crore from anchor investors.
Proceeds of the fresh issue 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.
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.
In the EV charger business, the company provides smart charging systems with innovative technology for residential, business, and public charging use in India, and in thepower solutions vertical, it designs, manufactures, and services DC Power Systems to deliver overall energy management at telecommunications sites and enterprise environments in India and overseas.
Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services are the managers to the offer.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.