Exicom Tele-Systems IPO Day 2 Update: The Exicom Tele-Systems IPO has been subscribed 14.70 times on the second day by 11:55 am, according to BSE data. The IPO opened for subscription on Tuesday, February 27.

As of 11:55 am, retail investors have subscribed 40.50 times, non-institutional investors (NII) have subscribed 28.22 times, while qualified institutional buyers (QIBs) have subscribed 0.75 times to the IPO.

On Day 1, the Exicom Tele-Systems IPO witnessed a subscription of 10.02 times, with the issue being fully booked within an hour of opening, driven by strong demand from retail investors.

Priced in the range of Rs 135 to Rs 142 per equity share with a lot size of 100 equity shares and in multiples thereafter, the Rs 429 crore initial public offering (IPO) of Exicom Tele-Systems is open for bidding until February 29.

Market analysts indicate a current Grey Market Premium (GMP) of Rs 130 for Exicom Tele-Systems in the unlisted market, though GMPs are subject to rapid changes.

The IPO comprises a fresh issue of equity shares worth Rs 329 crores by the company and an offer for the sale of up to 70.42 lakh equity shares by the promoter-selling shareholder.

Exicom Tele-Systems, a power management solutions provider, operates in the EV chargers business, offering smart charging systems for residential, business, and public use.

The net proceeds from the IPO will be allocated towards setting up production lines at the planned manufacturing facility in Telangana, debt repayment, investment in research and development, working capital requirements, and general corporate purposes.

With nearly 75 per cent of the issue reserved for qualified institutional buyers, 15 per cent for non-institutional investors, and the remaining 10 per cent for retail investors, the IPO aims to capitalise on the rising Indian EV industry, which has seen over 130 per cent growth despite a lack of FAME demand incentives.

Monarch Networth Capital, Unistone, and Systematix Corporate serve as the book-running lead managers for the IPO.

Allotment of shares is expected by March 1, 2024, with shares set to be credited to eligible investors' demat accounts by March 4. Trading in Exicom Tele-Systems equity shares is anticipated to commence on the BSE and the NSE on March 5.