Exicom Tele-Systems IPO: In the grey market, the company’s shares were seeing a premium of nearly 113%. The grey market is an unofficial market where a company’s shares are traded illegally before listing.
Exicom Tele Systems IPO Listing: Shares of Exicom Tele-Systems got listed at Rs 265, a premium of 87% to the issue price. The company set the IPO price band in a range of Rs 135-142 per equity share. The company raised around 439 crore by offering 30.2 million shares.
Exicom Tele-Systems IPO opened bidding to retail investors on February 27 and closed the subscription on February 29.
Exicom Tele-Systems IPO GMP Today
In the grey market, the company’s shares were seeing a premium of nearly 113%. The grey market is an unofficial market where a company’s shares are traded illegally before listing.
The shares of the company will be listed on both the bourses – NSE and BSE. The company has raised around Rs 178 crore from the anchor investors and offered 1.25 crore shares.
According to the company, the raised net proceeds will be used for finance setting up of production lines at the planned manufacturing facility in Telangana, payment of the company’s debt, working capital requirements, R&D and product development, and general corporate purposes.
The company provides power systems, electric vehicle charging, and other related solutions. The company has two business verticals: power systems and EV charging solutions. The company provides power solutions to digital communication networks and has deployed over 61,000 AC and DC chargers in India and Southeast Asia.
Geojit Financials in an IPO note gave the company a “Subscribe” rating. Considering the EV sector’s robust outlook, the company’s first mover advantage in both power management solutions and EV charging infrastructure, improving financial and operational track record and future expansion plans, said Geojit Financials.
Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services are the book-running lead managers to the issue, while Link Intime India is the registrar for the issue.
Source:financialexpress.com