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Business News/ Markets / Ipo/  Exicom Tele-Systems to raise 430 crore via IPO by February end : Report

Exicom Tele-Systems to raise ₹430 crore via IPO by February end : Report

The report reveals that the company is looking to raise over ₹430 crore through its public offering.

Exicom Tele-Systems to launch its IPO by February end this year. Photo: iStockPremium
Exicom Tele-Systems to launch its IPO by February end this year. Photo: iStock

Exicom Tele-Systems, an electric vehicle charging solution providing company, is poised to become the first company to go public in this sector, according to a report by CNBC-TV18.

The report further reveals that the company is looking to raise over 430 crore through its public offering, of which 330 crore is earmarked for the fresh issuance of shares, the company aims to channel these funds strategically.

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Utilizing the proceeds from the IPO, Exicom Tele-Systems plans to establish a manufacturing facility in Telangana, settle outstanding borrowings, invest in cutting-edge research and development infrastructure, and address working capital requirements.

Sources further told the publication that the IPO could be priced in the range of 140-145 per share, with a targeted post-listing market capitalization of 1,750 crore. Monarch Networth Capital and Systematix Corporate Services have been enlisted as the bankers for the IPO.

Remarkably, the company commands a 60 percent market share in residential charging and a 25 percent market share in public charging segments. Beyond this, Exicom Tele-Systems also delivers critical power solutions to telecommunication and enterprise sites.

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HDFC, a listed entity, holds an 8.19 percent stake in Exicom Tele-Systems, while NextWave Communications and Vinsan Brothers possess 71 percent and 14 percent stakes in the company, respectively.

Exicom Tele-Systems reported a revenue of 708 crore in FY23, marking a notable increase from 513 crore in FY22. A significant player in the electric vehicle charging sector, approximately 32 percent of the company's revenue is attributed to electric vehicle charging solutions.

The company witnessed a 24 percent growth in profit after tax in FY23, following a substantial 50 percent surge in FY22. As of the conclusion of FY23, Exicom Tele-Systems held total borrowings amounting to 118 crore.

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Reflecting the robust demand for its offerings, the total orders received in the electric vehicle charging solutions business escalated to 295 crore in FY23 from 78 crore in FY21. Additionally, orders from the critical power business reached 552 crore by the end of FY23.

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Published: 05 Feb 2024, 10:49 PM IST
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