Exicom Tele-Systems IPO: The initial public offering of EV chargers maker Exicom Tele-Systems Ltd is going to be launched on February 27. The Rs 400-crore IPO will remain open till February 29 and the bidding for anchor investors will be opened for a day on February 26.
The maiden public issue comprises 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 by promoter NextWave Communications, according to the Red Herring Prospectus (RHP).
Currently, 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 stake in the firm. Overall, promoters hold a 93.28 per cent stake in Exicom Tele-Systems.
Proceeds of the fresh issue will be used towards 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.
In the EV charger business, the company provides smart charging systems with innovative technology for residential, business, and public charging use in India, and in the other vertical it designs, manufactures, and services DC Power Systems to deliver overall energy management at telecommunications sites and enterprise environments in India and overseas.
Monarch Networth Capital, Systematix Corporate Services, and Unistone Capital are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.
Source: News18