Exicom Tele-Systems, a provider of electric vehicle charging solutions, secured Rs 178 crore from anchor investors on February 26, a day before the commencement of its public offering.
The IPO will open for subscription on February 27 and will close on February 29. The company, in its exchange filing, disclosed the allocation of 1,25,38,800 equity shares to anchor investors at a price of Rs 142 per share.
A number of prominent investors participated in the offering, including 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.
Quant Mutual Fund, via its Quant Momentum Fund, emerged as the largest investor in Exicom, acquiring shares worth Rs 53.05 crore, followed by Bajaj Allianz Life Insurance Company, which invested nearly Rs 20 crore in shares.
ITI Small Cap Fund emerged as the third-largest investor in the company through the anchor book, acquiring shares worth Rs 17.5 crore, followed by JM Flexicap Fund, which purchased shares valued at Rs 12 crore.
The Gurugram-based EV battery manufacturer aims to raise Rs 429 crore through its initial public offering (IPO). The IPO consists of a fresh issue of equity shares worth Rs 329 crore by the company and an offer-for-sale (OFS) of 70.42 lakh shares valued at Rs 100 crore at the upper price band.
The promoter, NextWave Communication, will be divesting shares in the OFS. Currently, promoters hold 93.29 percent of the shareholding in Exicom, while the remaining shares are held by public shareholders, including Rare Enterprise.
The company plans to allocate Rs 145.77 crore towards establishing production and assembly lines at its manufacturing facility in Telangana. Additionally, Rs 69 crore will be earmarked for fulfilling working capital needs, while Rs 40 crore will be dedicated to investments in research and development as well as product development.
Furthermore, Rs 50.3 crore will be utilized for debt repayment, with the remainder reserved for general corporate purposes. As of December 2023, the company had a debt of Rs 95.34 crore on its books.
