Exicom Tele Systems IPO: Issue subscribed 129.54 on last day; retail portion booked 119.59x; check GMP

Exicom Tele-Systems IPO: The initial public offering (IPO) of Exicom Tele-Systems is receiving strong demand from investors across categories and the issue is heavily oversubscribed.

Exicom Tele-Systems IPO opened for public subscription on February 27 and will close today, February 29.

The IPO allotment is expected to be finalised on March 1 and the equity shares of the company will list on March 5 on both the stock exchanges, BSE and NSE.

Let us check Exicom Tele-Systems IPO subscription status, GMP and other key details:

Exicom Tele-Systems IPO Subscription Status

Exicom Tele-Systems IPO has been subscribed 129.54 times in total on Thursday, the third and the last day of the bidding process. The public issue received bids for 236.07 crore equity shares as against 1.82 crore shares on the offer, as per data available on BSE.

The IPO has been subscribed 119.59 times in the retail category and 153.22 times in the Non-Institutional Investors’ (NII) category. The Qualified Institutional Buyers’ (QIB) portion is booked 121.80 times.

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

Exicom Tele Systems IPO GMP Today

Exicom Tele-Systems IPO is commanding a hefty premium in the grey market. The Exicom Tele-Systems IPO GMP today, or grey market premium today, is ₹142 per share.

This indicates that the equity shares of Exicom Tele Systems are trading at a premium of 116.2% at ₹307 apiece in the grey market as against the issue price of ₹142.

Exicom Tele-Systems IPO Details

Exicom Tele-Systems IPO opened for public subscription on February 27 and will conclude today, February 29. The IPO price band is ₹135 to ₹142 per share and the investors can bid for a minimum of 100 equity shares and its multiples thereafter.

The ₹429 crore worth Exicom Tele-Systems 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.

Ahead of the issue opening, the company raised ₹178.05 crore from anchor investors.

Exicom Tele-Systems 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.

Also Read: Platinum Industries IPO oversubscribed on day 3 led by NII, retail investors; check GMP, subscription status, key dates.

Exicom Tele-Systems is an electric vehicle (EV) charging solution company and operates in two key business areas of - Critical Power, which comprises its 70% of revenue and Electric Vehicle Chargers, where it commands a market share of 60% and 25% in the residential and public charging segments, respectively.

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.

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 Tele-Systems IPO, while Link Intime India Private Ltd is the IPO registrar.

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