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Exicom Tele-Systems IPO is a book-built issue of Rs 429.00 crores. The issue is a combination of a fresh issue of 2.32 crore shares aggregating to Rs 329.00 crores and an offer for sale of 0.7 crore shares aggregating to Rs 100.00 crores.
The IPO opens for subscription on February 27, 2024, and closes on February 29, 2024. The price band for this issue is set at ₹135 to ₹142 per share and the minimum lot size for an application is 100 Shares.
Company Summary
The company was incorporated in 1994 and headquartered in India providing power management solutions, operating under two business verticals
- critical power solutions business, wherein they design, manufacture, and service DC Power Systems and Li-ion-based energy storage solutions to deliver overall energy management at telecommunications sites and enterprise environments in India and overseas
- Their electric vehicle supply equipment (“EV Charger(s)”) solutions business, wherein they provide smart charging systems with innovative technology for residential, business, and public charging use in India which commenced commercial sales in the Financial Year ended March 31, 2019.
In Critical Power Business, they occupy a market share of 16% in the DC Power Systems market and are recognized in the market for Li-ion Batteries for application in the telecommunications sector, having a market share of approximately 10% as of March 31, 2023.
As of September 30, 2023, the company employs 1,190 employees in India, of which 443 are contractual, 732 employees are technically qualified – 438 with diplomas and 294 with engineering degrees. The company also has 50 employees at its subsidiaries.
Company Strengths
By September 30, 2023, the company had installed more than 61,000 EV chargers across 400 locations in India and the company has deployed 470,810 Li-ion Batteries for application in the telecommunications sector, equivalent to a storage capacity of over 2.10 GWH.
As of September 2023, the company has supplied its EV Chargers to over 70 customers, including 15 automotive OEMs, 32 national and regional CPOs, and four fleet aggregators.
They were amongst the first entrants in the EV Charger manufacturing segment in India (Source: CRISIL Report), providing them with an early-mover-and-learner advantage in the Indian EV industry, which, as per the CRISIL Report, is one of the fastest growing markets in the world with a growth of approximately over 130% for the Financial Year ended March 31, 2023, from the Financial Year ended March 31, 2022.
Company Financials
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 629.41 | 705.09 | 602.99 | 678.46 |
| Revenue | 467.21 | 723.40 | 848.96 | 524.36 |
| Profit After Tax | 27.46 | 6.37 | 5.14 | 3.45 |
| Net Worth | 311.40 | 232.00 | 221.57 | 213.44 |
| Reserves and Surplus | 204.95 | 213.61 | 207.39 | 201.55 |
| Total Borrowing | 72.84 | 117.92 | 107.67 | 101.76 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The company proposes to utilize the Net Proceeds towards funding the following objects
- Part-financing the cost of setting up of production/assembly lines at the planned manufacturing facility in Telangana.
- Repayment/pre-payment, in part or full of certain borrowings of our Company.
- Part-funding incremental working capital requirements.
- Investment in R&D and product development.
- General corporate purposes.
Promoters of the Company
NextWave Communications Private Limited and Anant Nahata are the Promoters of the Company. NextWave Communications Private Limited (and Anant Nahata, through NextWave Communications Private Limited) holds 74,754,713 Equity Shares, constituting 76.55 % of the issued, subscribed, and paid-up equity share capital of the Company.
IPO details
| IPO Date | February 27, 2024 to February 29, 2024 |
| Listing Date | Tuesday, March 5, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹135 to ₹142 per share |
| Lot Size | 100 Shares |
| Total Issue Size | 30,211,214 shares (aggregating up to ₹429.00 Cr) |
| Fresh Issue | 23,169,014 shares (aggregating up to ₹329.00 Cr) |
| Offer for Sale | 7,042,200 shares of ₹10 (aggregating up to ₹100.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 100 | ₹14,200 |
| Retail (Max) | 14 | 1400 | ₹198,800 |
| Small-HNI(Min) | 15 | 1500 | ₹213,000 |
| small-HNI(Max) | 70 | 7000 | ₹994,000 |
| Large-HNI (Min) | 71 | 7100 | ₹1,008,200 |
Allotment Schedule
| Basis of Allotment | Friday, March 1, 2024 |
| Initiation of Refunds | Monday, March 4, 2024 |
| The credit of Shares to Demat | Monday, March 4, 2024 |
| Listing Date | Tuesday, March 5, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 29, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
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