Exicom Tele Systems IPO day 3: GMP, subscription status, review, other details. Apply or not as bidding ends today?

Exicom Tele Systems IPO: The initial public offering (IPO) of Exicom Tele Systems Limited opened on 27th February 2024 and will remain open till 29th February 2024. As per the Exicom Tele Systems IPO subscription status, the public issue has been booked 27.78 times after two days of bidding. Meanwhile, on the last date of bidding, the grey market continues to remain bullish regarding Exicom Tele Systems IPO. According to stock market observers, Exicom Tele Systems IPO GMP (grey market premium) today is ₹179, which is around 126 percent higher than the Exicom Tele Systems IPO price of ₹135 to ₹142 per equity share.

Exicom Tele Systems IPO GMP today

As mentioned above, Exicom Tele Systems IPO GMP today is ₹179, which is ₹9 higher than Wednesday's GMP of ₹170. They said that Exicom Tele Systems IPO GMP today has surged despite sharp selling pressure in the secondary market on Wednesday. They said that a strong response by investors could be the possible reason for this bullish grey market sentiment.

Exicom Tele Systems IPO subscription status

After two days of bidding, Exicom Tele Systems IPO has was booked 27.78 times.

By 3:18 PM on day 3 of bidding, the public issue was booked 109.60 times while the retail portion was subscribed 107.10 times. The NII portion of the book build offer was booked 144.91 times and the QIB segment was booked 94.31 times.

Exicom Tele Systems IPO review

Giving a 'subscribe' tag for listing gain, Rajan Shinde, Research Analyst at Mehta Equities said, "By looking at the financials the company has shown strong growth in FY2022 with 64.3% and a de-growth of -16% in FY 2023 in revenue from operations but in net profit terms the company has shown good growth in FY 2022/2023 with49%/23.9%. On valuation parse at the upper band of Rs.142/-, the issue is asking for a Market Cap of Rs. 1716 cr. Based on annualized FY 2024 earnings and fully diluted post-IPO paid-up capital, the company is asking for a P/E of 31.2x which seems fully priced by looking at their revenue from operations de growth and EBITDA margin pressure in FY 2023. But looking at the fast-growing EV solution market demand and growth and first mover advantage, the company can command a healthy listing gains pop due to new age EV segment leadership. We believe their early entry into EV charger manufacturing and strategic partnerships with automotive OEMs and charging station operators have solidified their market leadership position. Hence, considering all parameters, we are recommending investors to “SUBSCRIBE” the issue for listing perspective only."

Expecting strong listing gain from the bookbuild issue, Arun Kejriwal, Founder of Kejriwal Research and Investment Services said, "The public issue has received a strong response by investors across segments and the issue has been priced at attractive valuations as well. However, the business model of the company is slightly difficult to understand for a retail investor. So, my suggestion to the primary market investors is to at least apply for the listing premium."

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.