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

Exicom Tele-Systems Ltd, a manufacturer of electric vehicle (EV) chargers, is gearing up for its Initial Public Offering (IPO) which 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).

The IPO consists 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.

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Currently, NextWave Communications has a majority stake of 76.55 percent in the company, while HFCL, a component of the promoter group, possesses a 7.74 percent stake in the firm.

In total, promoters collectively maintain a significant ownership interest of 93.28 percent in Exicom Tele-Systems.

The funds generated from the fresh issue will be allocated towards several strategic initiatives. These include establishing production lines at the manufacturing facility located in Telangana, investing in Research and Development (R&D) as well as product development endeavors, clearing existing debts, bolstering working capital requirements, and addressing general corporate needs.

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Exicom-Tele Systems operates as a provider of power management solutions, functioning across two distinct business verticals. Firstly, in the EV (Electrical Vehicle) charger solutions segment, the company offers cutting-edge smart charging systems tailored for residential, commercial, and public charging applications within India. 

Secondly, within its power solutions business vertical, Exicom-Tele Systems specializes in the design, manufacturing, and servicing of DC Power Systems, aimed at delivering comprehensive energy management solutions for telecommunications infrastructure. Listed on both exchanges, BSE and NSE, the company plays a vital role in advancing energy efficiency and sustainability across diverse sectors.

Monarch Networth Capital, Systematix Corporate Services, and Unistone Capital serve are the book-running lead managers for the issue. The equity shares are slated for listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).