EV charger maker Exicom Tele-Systems IPO to open on Feb 27, Exicom Tele-Systems' IPO, The public offer comprises a fresh issue of shares worth Rs 329 crore and an offer-for-sale of 70.42 lakh shares

EV charger manufacturer Exicom Tele-Systems' IPO will open for subscription on February 27 and close on February 29. The anchor book will open on February 26. The public offer comprises a fresh issue of shares worth Rs 329 crore and an offer-for-sale of 70.42 lakh shares. As per sources, the issue price could be around Rs 140.

NextWave Communications, Satellite Finance, and Vinsan Brothers hold a 76.55 percent, 4.64 percent, and 4.35 percent stake in the company, respectively. HFCL has a 7.74 percent stake in the company. HFCL stock has gained over 30 percent year-to-date mainly due to the upcoming IPO of Exicom.

Exicom Tele-Systems plans to use the funds raised through the IPO towards setting up a manufacturing facility in Telangana, repaying borrowings, investing in its state-of-the-art R&D facility, and meeting working capital requirements.

Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services are the book-running lead managers to the issue. NextWave Communications and Anant Nahata are the promoters of the company.

Exicom Tele-Systems is a power management solutions provider. It operates under two business verticals - the EV chargers business, where it provides smart charging systems for residential, business, and public charging use in India.

The other one is the critical power solutions business, wherein it designs, manufactures, and services critical digital infrastructure technology to deliver overall energy management at telecommunications sites and enterprise environments in India and overseas.

The company was among the first entrants in the EV chargers manufacturing segment. As of March 31, 2023, it had a market share of 60 percent and 25 percent in the residential and public charging segments and further, it has deployed over 35,000 EV chargers across 400 locations in India.

On the financial front, the company’s revenue from operations dipped 16 percent to Rs 707.93 crore in FY23, while profit after tax grew 24 percent to Rs 6.37 crore compared to the year-ago period.

RoCE came down to 10.92 percent in FY23 from 17.66 percent in FY22. In FY23, overseas customers contributed 8.79 percent to total revenue from operations.

The revenue from the CPS business dipped to 68.33 percent in FY23 from 91.56 percent in FY22. While revenue from the EV charger business rose to 31.67 percent from 8.44 percent in the same period.

The customers of Exicom Tele-Systems’ EV charger business include national CPOs such as Reliance BP Mobility Limited (JioBP) and Fortum Charge & Drive India, fleet aggregators such as BluSmart Mobility and Lithium Urban Technologies, and automotive OEMs such as Mahindra & Mahindra, MG Motors and JBM.

The company operates three manufacturing facilities in India, comprising Solan Facility situated at Solan, Himachal Pradesh, and Gurugram Facility I and Gurugram Facility II situated at Gurugram, Haryana.