Synopsis:
The Exicom Tele-Systems IPO is set to make its debut on the stock exchange today. Investors and market participants are eager to understand the implications of the Grey Market Premium (GMP) for the IPO's performance.
Exicom Tele-Systems Ltd is set to make its market debut on Tuesday, March 5. If one goes by the grey market premium (GMP), the company is headed for a solid listing, thanks to heavy buying interest during the bidding process and record high levels of headline stock indices.
Ahead of its listing, Exicom Tele-Systems was commanding a premium of Rs 160 apiece in the grey market over its issue price of 160, suggesting a listing pop of 112 per cent. The premium in the unofficial market has remained stable around Rs 150-160 since the issue opened for bidding.
Exicom Tele-Systems sold its IPO within a price range of Rs 142-145 per share. The bidding window was opened from February 27 to February 29. Through its primary offering, the company successfully raised a total of Rs 429 crore, comprising Rs 329 crore from fresh share sale and an offer-for-sale (OFS) of up to 70.42 lakh equity shares.
The IPO garnered overwhelming interest, with a subscription rate of 129.54 times, fueled by robust participation from qualified institutional bidders (QIBs), whose allocation was oversubscribed by 121.80 times. Non-institutional investors subscribed at a rate of 153.22 times, while retail investors bid 119.59 times their allotted portion.
Exicom Tele-Systems was incorporated in 1994. It specialises in power systems, electric vehicle (EV) charging, and related solutions. The company operates across two main business segments: power systems and EV charging solutions. It is one of the pioneers in India's EV charger manufacturing sector.
Exicom Tele-Systems IPO's book running lead managers were Unistone Capital, Monarch Networth Capital and Systematix Corporate Services, while Link Intime India served as the registrar for the issue.
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