The Exicom Tele-Systems IPO, which opened for subscription on February 27th, 2024, witnessed a thunderous response from investors. Within the first hour, the issue was oversubscribed by more than 2 times, showcasing the immense investor enthusiasm. This momentum continued throughout the day, and by 3:30 PM, the IPO had garnered an impressive oversubscription of 8 times.
Massive Investor Interest:
- Oversubscribed Within Hours: The IPO received overwhelming interest, exceeding subscription levels within the first hour of opening.
- Retail and Non-Institutional Investor Participation: The retail category witnessed strong participation, with approximately 23% subscription at the time of writing. Non-institutional investors were even more enthusiastic, pushing the subscription level to a phenomenal 18 times.
IPO Details and Market Performance:
- Price Band & Establishment: The company, established in 1994, specializes in installing electric vehicle (EV) charging systems and has set its price band for the IPO at Rs 135-142 per share.
- Gray Market Buzz: Exicom is generating significant buzz in the gray market, with its GMP (Grey Market Premium) reaching around Rs 170 on Tuesday. This premium indicates positive expectations for the company’s listing performance.
Investment Requirements and Lot Size:
- Minimum Investment: Investors need to invest a minimum of Rs 14,200 to participate in the IPO, as the lot size is fixed at 100 shares.
- Retail Investor Limits: Retail investors can apply for a maximum of 14 lots, requiring an investment of Rs 1,98,800.
IPO Size and Share Offering:
- Fund Raising Target: Exicom Tele-Systems aims to raise Rs 429 crore through the IPO by offering 30,211,214 shares.
- Fresh Issue and Offer for Sale: The offering comprises 23,169,014 fresh shares and 7,042,200 shares offered through Offer for Sale (OFS).
Listing and Tentative Date:
- Stock Exchange Listing: Following the closure on February 29th, the company’s shares are expected to be listed on both BSE and NSE.
- Tentative Listing Date: The tentative date for listing is set for March 5th, 2024.
Additional Notes:
- The IPO was open for anchor investors a day before its public opening, and the company successfully raised Rs 178.50 crore from them.
- Investors are advised to conduct thorough research and due diligence before making any investment decisions.
This strong initial response from investors bodes well for Exicom Tele-Systems’ future prospects. The company’s focus on the burgeoning EV charging infrastructure sector further adds to its attractiveness. However, it’s crucial to remember that past performance is not always indicative of future results, and investors should carefully consider their risk tolerance and investment goals before making any investment decisions.
