Exicom Tele-Systems Makes Robust Debut; Lists At A 87% Premium Over Issue Price

Shares of Exicom Tele-Systems Ltd made a strong, but less than expected listing, at Dalal Street on Tuesday as the EV charging player debuted at Rs 265 apiece on NSE, a premium of 86.62 per cent over its issue price of Rs 142 per share. Similarly, the stock debuted at a premium of 85.92 per cent at Rs 264 on BSE. However, the listing has been weaker than expected as the sentiments for the broader markets remain muted. Ahead of its listing, shares of Exicom Tele-Systems were commanding a premium of Rs 160 apiece over its issue price in the grey market, suggesting a listing pop of 112 per cent for the investors. Exicom Tele-Systems sold its IPO within a price range of Rs 135-142 per share, with a lot size of 100 equity shares. The bidding window was open from February 27 and February 29. Through its primary offering, the company successfully raised a total of Rs 429 crore, comprising Rs 329 crore from fresh share sales and an offer-for-sale (OFS) of up to 70.42 lakh equity shares. The IPO garnered overwhelming interest, with a subscription rate of 129.54 times, fueled by robust participation from qualified institutional bidders (QIBs), whose allocation was oversubscribed by 121.80 times. Non-institutional investors subscribed at a rate of 153.22 times, while retail investors bid 119.59 times their allotted portion.