Exicom Tele-Systems, a manufacturer of electric car chargers, has successfully secured ₹71 crore through a pre-IPO placement prior to submitting its red-herring prospectus to the registrar of companies (ROC). In a public statement published in the Financial Express, the company disclosed the allotment of 52,59,257 equity shares to five investors at ₹135 each.
Among the major investors, Rare Enterprise (via Sunil Jugalkishor Anandpara and Hemal Dinesh Shah) emerged as the largest buyer, acquiring 20 lakh shares valued at ₹27 crore. Belgrave Investment Fund followed closely, purchasing 18,51,851 equity shares worth ₹25 crore. Monika Garware acquired 7.4 lakh shares amounting to ₹9.9 crore, while Shaurya Vardhan Sonthalia and Rajyavardhan Sonthalia each bought 333,333 shares at a value of ₹4.5 crore.
Exicom Tele-Systems had previously filed preliminary papers with the Securities and Exchange Board of India (SEBI) in September to raise funds through an IPO. The company aimed to raise ₹80 crore through the pre-IPO placement, constituting part of the fresh issue, according to the draft red herring prospectus (DRHP).
The DRHP outlined the IPO structure, consisting of a fresh equity share offering valued at up to ₹400 crore and an offer for sale component of up to 74 lakh equity shares by the promoter, NextWave Communications.
The DRHP highlighted that NextWave Communications Private Limited holds 71.45% of the company’s equity share capital. Monarch Networth Capital Limited, Unistone Capital Private Limited, and Systematix Corporate Services Limited are the Book Running Lead Managers (BRLM), while Link Intime India Private Limited serves as the registrar to the offer.
Established in 1994, Exicom Tele-Systems operates in two business verticals: critical power solutions and electric vehicle supply equipment (EV Charger) solutions.
The critical power solutions business focuses on designing, manufacturing, and maintaining critical digital infrastructure for energy management in telecommunications and enterprise environments globally. Meanwhile, the EV Charger solutions business provides smart charging systems for residential, business, and public charging applications in India.
As of March 31, 2023, the company commands a market share of 25% in the public charging segment and 60% in the residential charging segment, positioning it as a market leader in India, according to a CRISIL Report.
