EV charger manufacturer Exicom Tele Systems' IPO on 27 February

There will be a fresh issue of up to Rs 339 crore and an OFS of up to 7,042,200 equity shares.

Autocar Pro News Desk By Autocar Pro News Desk calendar 21 Feb 2024 Views icon1299 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
EV charger manufacturer Exicom Tele Systems' IPO on 27 February

EV charger manufacturer Exicom Tele Systems' initial public offering (IPO) will open on February 27 and close on February 29. The anchor book opens on February 26.

There will be a fresh issue of up to Rs 339 crore and an OFS of up to 7,042,200 equity shares.

Monarch Networth Capital Limited, Unistone Capital Private Limited, Systematix Corporate Services Limited are the book running lead managers. 

The company intends to utilise a portion of the Net Proceeds towards part-financing the cost of setting up production/assembly lines at our planned manufacturing facility at the Planned Telangana Facility, being Critical Power and EV Charger production/assembly line; and (ii) Prismatic production/assembly line for Li-ion Batteries, it said in the Draft Red Herring Prospectus. 

"Our Company proposes to utilise an amount of Rs 351.11 million towards procurement of such plant and machinery for setting up of such production/assembly lines, based on our current estimates," the company added. 

It further noted that Rs 400 million from the Net Proceeds will go towards investment in product development opportunities. 

The company has deployed more than 70,000 AC and DC chargers across India and Southeast Asia, as per its official website.  

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