58% surged on listing day

Shares of Exicom Tele-Systems, a company that provides solutions for charging electric vehicles, surged by 58 percent on its first day of trading, which was March 5. This increase was partly due to weakness in the market, and investors seemed eager to sell their shares to lock in profits.
The stock started trading strongly at Rs 265, marking an 86.6 percent increase from its issue price of Rs 142. However, this was lower than what analysts had predicted. Analysts had anticipated a listing premium of over 100 percent, and even the grey market suggested a similar premium.During the day, the stock reached its highest point at Rs 274.50 but then started to see some investors selling to take profits. Finally, it closed with gains of 58.42 percent at Rs 224.95 on the NSE, with a trading volume of 3.52 crore equity shares. On the BSE, the stock gained 58.91 percent to close at Rs 225.65, with a volume of 19.25 lakh shares.