Exicom Tele-Systems Files DRHP for IPO to Raise Funds

29 Sep 2023 , 02:43 PM

Exicom Tele-Systems Ltd, a provider of power management solutions, has submitted preliminary papers to the Securities and Exchange Board of India (SEBI) for its upcoming Initial Public Offering (IPO). The maiden public issue includes a fresh offering of equity shares, amounting to Rs 400 crore, as well as an offer for sale component of up to 74 lakh equity shares by promoter NextWave Communications, as detailed in the draft red herring prospectus (DRHP) filed on Wednesday.

At present, NextWave Communications holds a 71.45% stake in the company.

Furthermore, the company intends to secure Rs 80 crore through a pre-IPO placement round. If such a placement occurs, it will reduce the size of the fresh issue.

The proceeds from the fresh issue will be allocated to various purposes, including setting up production lines at the manufacturing facility in Telangana, investment in research and development, product development, debt repayment, supporting working capital needs, and general corporate purposes.

Exicom Tele-Systems specializes in developing industry-leading electric vehicle (EV) charging solutions for homes, workplaces, and public spaces.

Monarch Networth Capital, Systematix Corporate Services, and Unistone Capital are the book-running lead managers for the IPO. The equity shares are slated for listing on both the BSE and the NSE.