Exicom Tele-Systems raises ₹71 crore via pre-IPO placement, allots 52.6 lakh shares to five investors

  • Exicom Tele-Systems allots 52,59,257 equity shares to five investors in a pre-IPO placement, raising 71 crore.

Dhanya Nagasundaram
Published5 Jan 2024, 09:38 AM IST
Exicom Tele-Systems raises  <span class='webrupee'>₹</span>71 crore through pre-IPO placement, with Rare Enterprise being the largest buyer. Photo: iStock
Exicom Tele-Systems raises ₹71 crore through pre-IPO placement, with Rare Enterprise being the largest buyer. Photo: iStock(iStock)

Electric car charger manufacturer Exicom Tele-Systems has raised 71 crore through a pre-IPO placement before submitting the red-herring prospectus to the registrar of companies (ROC).

The company said it has allotted 52,59,257 equity shares to five investors at a cost of 135 apiece in a public statement advertisement published in Financial Express (FE).

Out of the five investors, Rare Enterprise (via Sunil Jugalkishor Anandpara and Hemal Dinesh Shah) was the largest buyer, purchasing 20 lakh shares valued at 27 crore. Belgrave Investment Fund came in second, purchasing 18,51,851 equity shares valued at 25 crore. Monika Garware picked up 7.4 lakh shares worth 9.9 crore. Shaurya Vardhan Sonthalia and Rajyavardhan Sonthalia bought 333,333 shares each worth 4.5 crore.

Also Read: Kay Cee Energy share price makes stellar debut, opens at 367% premium at 252 apiece on NSE SME

According to news reports, Exicom Tele-Systems Ltd filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) in September of last year in order to raise funds through an IPO. 

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The company planned to consider raising 80 crore from the pre-IPO placement, which is a part of the fresh issue, according to the draft red herring prospectus (DRHP).

Also Read: Exicom Tele-Systems raises 71 crore via pre-IPO placement, allots 52.6 lakh shares to five investors

“Our Company, in consultation with the book running lead manager (BRLMs), may consider a further issue of equity shares as may be permitted under applicable law to any person(s) of Equity shares for an amount aggregating up to 80 crore, at its discretion, prior to the filing of the Red Herring Prospectus with the RoC. The pre-IPO placement shall not exceed 20% of the size of the fresh issue,” the company said in its DRHP. 

According to DRHP, the IPO consists of fresh equity share offering valued at up to 400 crore and an offer for sale component of up to 74 lakh equity shares by the promoter, NextWave Communications.

The DRHP states that 66,014,028 equity shares, or 71.45% of the issued, subscribed, and paid-up equity share capital of the company, are held by NextWave Communications Private Limited (and Anant Nahata, through NextWave Communications).

Also Read: Ahmedabad-based Sanstar files DRHP for IPO with SEBI

Monarch Networth Capital Limited, Unistone Capital Private Limited, and Systematix Corporate Services Limited are the BRLM to the issue, and the Link Intime India Private Limited is the registrar to the offer.

Since its incorporation in 1994, the company has operated under two business verticals: the critical power solutions business, which designs, manufactures, and provides maintenance for critical digital infrastructure technology to enable overall energy management at telecommunications sites and enterprise environments in India and abroad, and the electric vehicle supply equipment business, or "EV Charger(s)" solutions business, which offers smart charging systems with cutting-edge technology for residential, business, and public charging use in India.

With a market share of 25% in the public charging segment and 60% in the residential charging segment as of March 31, 2023, the company is among the market leaders in India, having been among the first entrants in the EV charger manufacturing segment, as per CRISIL Report.

Also Read: IPO fundraising drops 17% in 2023; issues worth around 70,000 crore in pipeline this year

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.


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First Published:5 Jan 2024, 09:38 AM IST
HomeMarketsIPOExicom Tele-Systems raises ₹71 crore via pre-IPO placement, allots 52.6 lakh shares to five investors

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