Exicom Tele-systems IPO subscribed 130x on last day, strong listing expected

In a stellar start to its innings, Exicom Tele-systems garnered huge subscription by the end of day 3 of bidding. Exicom Tele-systems’ Rs 429 crore IPO was subscribed 130 times at the end of Day 3. After the anchor allocation, the company had offered 1.8 crore shares to raise as much as Rs 259 crore (ex-anchor book). The company, however, received demand for 237 crore shares and garnered bids worth Rs 33,670 crore

The IPO was subscribed 119.5 times in the retail category, 153.20 times in the Non-Institutional Investors’ (NII) category, whole the Qualified Institutional Buyers’ (QIB) portion was booked 121.80 times at the end of day 3, according to data available on exchanges.

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Exicom Tele-systems IPO Summary:

  • Subscription Numbers:
    • All investor categories were oversubscribed by over 100 times, with the QIB category at 122X, HNI category at 153X, and Retail category at 119X.
    • The company had offered 1.82 crore shares but received a massive demand for 237 crore shares.
  • Financials:
    • The company aimed to raise ₹259 crore (excluding anchor investors) but received a demand for ₹33,670 crore.
    • The IPO price band was set between Rs 135 to Rs 142 per share.
  • Market Sentiment:
    • The grey market premium (GMP) for Exicom Tele-Systems IPO was reported at ₹179 on the final day of bidding, showing bullish sentiment.
    • Unlisted shares of Exicom Tele-Systems were trading at a premium of Rs 165 in the grey market, indicating an expected listing gain of around 116.2% from the issue price.
  • Analyst Recommendations:
    • Analysts have given a ‘subscribe’ rating for potential listing gains due to the company’s market leadership in EV charger manufacturing and strategic partnerships with automotive OEMs and charging station operators.

Exicom Tele-Systems IPO opened for subscription on February 27 and closed today, February 29. The allotment of shares is expected to happen on March 1 and the company is expected to hit the bourses on March 5, according to the schedule.

The company had set the price band of the IPO at Rs 135-142 per share. Ahead of the IPO, the company had raised Rs 178 crore from anchor investors.