The Exicom Tele-Systems IPO has witnessed overwhelming demand, being subscribed 10.02 times on its first day, primarily driven by retail investors. With a subscription of 27.17 times in the retail category and 19.04 times in the Non-Institutional Investors’ (NII) category, the IPO has garnered significant interest. Furthermore, the portion reserved for Qualified Institutional Buyers (QIB) saw a subscription of 73% on the first day.
In the grey market, the Exicom Tele Systems IPO is trading at a premium of ₹170 per share, indicating a substantial premium of 119.72% over the issue price of ₹142 per share.
Regarding details, the IPO opened for subscription on February 27 and will close on February 29, with a price band set between ₹135 to ₹142 per share. Investors can bid for a minimum of 100 equity shares and in multiples thereafter.
The IPO consists of a fresh issue of equity shares worth ₹329 crore and an Offer For Sale (OFS) component of up to 70.42 lakh equity shares by promoter NextWave Communications.
Ahead of the IPO opening, Exicom Tele-Systems secured ₹178.05 crore from anchor investors and conducted a pre-IPO placement of 52.59 lakh equity shares at ₹135 per share, raising ₹71 crore. NextWave Communications holds a majority stake of 76.55%, with HFCL owning 7.74% in the company. Collectively, the promoters hold 93.28% stake in Exicom Tele-Systems.
The IPO allotment is expected to be finalized on March 1, and the equity shares are scheduled for listing on both BSE and NSE on March 5.
The company intends to utilize the funds raised for various purposes, including setting up production lines, investment in R&D and product development, debt repayment, and supporting working capital requirements.
Monarch Networth Capital, Systematix Corporate Services, and Unistone Capital Services serve as the book-running lead managers for the IPO, with Link Intime India Private Ltd acting as the IPO registrar.
