Exicom Tele-Systems Ltd, a provider of electric vehicle (EV) charging solutions, has filed preliminary documents with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) on Thursday. The IPO includes a fresh issue of equity shares worth Rs 400 crore ($53.8 million) and an offer for sale of up to 7.4 million shares by promoter NextWave Communications, according to the draft red herring prospectus.
The company also plans to raise Rs 80 crore ($10.8 million) through a pre-IPO placement round. If this placement is undertaken, the fresh issue size will be reduced correspondingly. Currently, NextWave Communications holds a 71.45% stake in Exicom.
The funds raised from the IPO will be used to set up production lines at the company's planned manufacturing facility in Telangana, investment in research and development, product development, debt repayment, working capital requirements, and other general corporate purposes.
In the fiscal year 2023, Exicom reported a net profit of Rs 6.37 crore ($0.86 million), an increase from Rs 5.14 crore ($0.69 million) in the previous year. However, its revenue saw a decline of 16%, amounting to Rs 708 crore ($95.3 million).
Monarch Networth Capital, Unistone Capital and Systematix Corporate Services have been appointed as the book-running lead managers for the IPO. The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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