Exicom Tele-Systems IPO Subscribed 27.76 Times

New Delhi, Feb 28 (PTI) The Initial Public Offering (IPO) of EV charger maker Exicom Tele-Systems Ltd received 27.76 times subscription on the second day of bidding on Wednesday.

The Rs 429 crore-IPO got bids for 50,59,42,200 shares against 1,82,23,540 shares on offer, as per data available with the NSE.

The quota for Retail Individual Investors (RIIs) got subscribed 64.73 times while the portion for non-institutional investors attracted 54.36 times subscription. The category for Qualified Institutional Buyers (QIBs) received 4.48 times subscription.

The IPO got fully subscribed within hours of opening for bidding on Tuesday.

It has a fresh issue of equity shares aggregating up to Rs 329 crore and an Offer For Sale (OFS) component of up to 70.42 lakh equity shares worth Rs 100 crore, at the upper end of the price band, by promoter NextWave Communications.

At present, NextWave Communications holds a 76.55 per cent stake in the company, and HFCL, part of the promoter group, owns a 7.74 per cent shareholding.

Overall, promoters hold a 93.28 per cent stake in Exicom Tele-Systems.

The IPO has a price range of Rs 135-142 per share.

Exicom Tele-Systems garnered Rs 178 crore from anchor investors.

Proceeds from the fresh issue will be used for 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.

Exicom Tele-Systems is a power management solutions provider and operates under two business verticals -- EV (Electrical Vehicle) charger solutions business and power solutions business.

Monarch Networth Capital, Unistone Capital and Systematix Corporate Services are the managers to the offer.