Exicom Tele-Systems Raises Rs 71 Crore in Pre-IPO Placement for Electric Vehicle Chargers

8 Jan 2024 , 12:03 PM

Exicom Tele-Systems, an electric vehicle charger manufacturer, raised Rs 71 crore in a pre-IPO placement before filing the red-herring prospectus with the ROC.

The company allotted 52,59,257 equity shares at Rs 135 each to five investors, with Rare Enterprise being the largest buyer, acquiring 20 lakh shares worth Rs 27 crore.

Belgrave Investment Fund secured the second spot, purchasing 18,51,851 equity shares worth Rs 25 crore.

Shaurya Vardhan Sonthalia and Rajyavardhan Sonthalia each bought 3,33,333 equity shares for Rs 4.5 crore, while Monika Garware acquired 7.4 lakh shares for nearly Rs 10 crore.

The company initially aimed to raise Rs 80 crore from the pre-IPO placement, as stated in the draft papers filed on September 27, 2023, with Sebi.

The IPO comprises a fresh issuance of shares worth Rs 400 crore and an offer-for-sale of 74 lakh equity shares by promoter NextWave Communications, which owned a 71.45% stake at the time of filing the DRHP.

Considering the pre-IPO placement price of Rs 135 per share, the total fund raised through IPO (including pre-IPO placement) could be close to Rs 500 crore.

The net fresh issue proceeds of Rs 151.47 crore will be used to set up production or assembly lines in Telangana, repay debt, cover incremental working capital requirements, invest in R&D and product development, and for general corporate purposes.

Exicom Tele-Systems, established in 1994, operates in two business verticals: electric vehicle supply equipment solutions and critical power solutions.

Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services are the merchant bankers for the IPO.

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