Exicom Tele-Systems IPO subscribed 129.52 times on last day of offer

The Initial Public Offering (IPO) of EV charger maker Exicom Tele-Systems Ltd got subscribed a whopping 129.52 times on the last day of subscription on Thursday.

The Rs 429 crore-initial share sale received bids for 2,36,03,94,900 shares against 1,82,23,540 shares on offer, as per NSE data.

The portion for non-institutional investors got subscribed 153.20 times, while the category for Qualified Institutional Buyers (QIBs) received 121.80 times subscription.

The Retail Individual Investors (RIIs) part attracted 119.51 times subscription.

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

It had 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 had a price range of Rs 135-142 a share.

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

Proceeds from the fresh issue will be used to set 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 were the managers to the offer.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)