Exicom Tele-Systems Secures ₹178 Crore from Anchor Investors Ahead IPO

27 Feb 2024 , 08:39 AM

Exicom Tele-Systems, a provider of electric vehicle charging solutions, secured ₹178 Crore from anchor investors on February 26, just ahead of its public issue launch.

The IPO is scheduled to open for subscription on February 27 and will close on February 29. The company disclosed allocating 1,25,38,800 equity shares to anchor investors at ₹142 per share.

Distinguished investors such as Maybank Asiapac Ex-Japan Equity I Fund, Nepean Long Term Opportunities Fund, Abakkus Diversified Alpha Fund, Quant Mutual Fund, JM Financial Mutual Fund, Aditya Birla Sun Life Trustee, and SBI General Insurance Company participated in the offering.

Quant Mutual Fund emerged as the largest investor, investing ₹53.05 Crore, followed by Bajaj Allianz Life Insurance Company with nearly ₹20 Crore in shares.

ITI Small Cap Fund and JM Flexicap Fund were also significant investors, acquiring shares worth ₹17.5 Crore and ₹12 Crore, respectively.

Exicom, headquartered in Gurugram and specializing in EV batteries, aims to raise ₹429 Crore through its initial public offering. The IPO comprises a fresh issue of equity shares worth ₹329 Crore by the company and an offer-for-sale (OFS) of 70.42 lakh shares worth ₹100 Crore at the upper price band, with Promoter NextWave Communication divesting shares in the OFS.

Promoters currently hold 93.29% of Exicom’s shares, with the remaining held by public shareholders, including Rare Enterprise.

The company plans to allocate ₹145.77 Crore for setting up production/assembly lines at its manufacturing facility in Telangana, ₹69 Crore for working capital requirements, and ₹40 Crore for investment in R&D and product development.

Additionally, ₹50.3 Crore will be allocated for debt repayment, with the remainder earmarked for general corporate purposes. As of December 2023, the company had a debt of ₹95.34 Crore.