Exicom IPO: Issue to open on February 27, price band set at ₹135 to ₹142 per share

Exicom Tele-Systems IPO: Exicom Tele-Systems Ltd, a manufacturer of electric vehicle (EV) chargers, is set to launch its Initial Public Offering (IPO) on February 27 and has set the price band for the initial share sale.

Exicom Tele-Systems IPO will open for subscription on February 27 and close on February 29, with bidding for anchor investors slated for February 26, as per the Red Herring Prospectus (RHP).

Exicom Tele-Systems IPO price band has been fixed at ₹135 to ₹142 per share. At the upper end of the price band, the company plans to raise a total of ₹429 crore from the issue.

The IPO comprises a fresh issue of equity shares totaling up to ₹329 crore and an Offer For Sale (OFS) component of up to 70.42 lakh equity shares by promoter NextWave Communications.

Investors can bid for a minimum of 100 equity shares and its multiples thereafter.

Also Read: Exicom Tele-Systems announces IPO dates to raise ₹329 crore via fresh issue

The company has undertaken a pre-IPO placement of 52.59 lakh equity shares at an issue price of ₹135 per share aggregating to ₹71 crore. 

NextWave Communications holds a majority stake of 76.55% in the company, while HFCL has a 7.74% stake in the firm. The promoters collectively hold 93.28% stake in Exicom Tele-Systems.

Exicom IPO allotment is likely to be fixed on March 1 and the equity shares are slated for listing on both the stock exchanges, BSE and the National Stock Exchange (NSE), on March 5.

The company proposes to utilize the funds raised from the fresh issue 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.

Monarch Networth Capital, Systematix Corporate Services, and Unistone Capital Services are the book-running lead managers for Exicom IPO, while Link Intime India Private Ltd is the IPO registrar.

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