Exicom Tele-Systems, a leading EV charger manufacturer headquartered in Gurugram, marked an impressive debut on the stock exchanges on March 5. The company’s initial public offering (IPO) listed at Rs 265, showcasing an impressive premium of 87 percent over its issue price of Rs 142 per share.
The IPO aimed to raise Rs 429 crore, with a fresh issue of Rs 329 crore worth of shares by the company and an offer-for-sale (OFS) of 70.42 lakh shares worth Rs 100 crore at the upper price band. The OFS involved shares sold by Promoter NextWave Communication.
The issue witnessed robust subscription, closing at 129.54 times on February 29, the final day of bidding. High net worth individuals led the way with a subscription rate of 153.22 times, followed by retail investors at 119.58 times, and qualified institutional buyers at 121.80 times the allotted quota.
Exicom Tele-Systems operates as a power management solutions provider, with a focus on two key business verticals. In the EV chargers segment, the company offers smart charging systems for residential, business, and public charging applications in India. In the critical power solutions business, Exicom specializes in the design, manufacturing, and servicing of critical digital infrastructure technology.
Allocating the fresh proceeds strategically, Exicom plans to invest Rs 145.77 crore in establishing production/assembly lines at a manufacturing facility in Telangana. Additionally, Rs 69 crore is earmarked for working capital requirements, Rs 40 crore for research and development (R&D) and product development, and Rs 50.3 crore for debt repayment. The remaining balance will be utilized for general corporate purposes.
As a pioneer in the EV chargers manufacturing segment, Exicom holds a substantial market share, boasting 60 percent and 25 percent in the residential and public charging segments, respectively, as of March 31, 2023. The company has deployed over 35,000 EV chargers across 400 locations in India.
