Exicom Tele-Systems IPO Oversubscribed

Exicom Tele-Systems’ public issue of Rs 429 crores received a strong response on February 28, the second day of bidding, being subscribed 16.03 times. The IPO garnered a total of 29.22 crore bids compared to the issue size of 1.82 crore shares.

Retail investors took the lead, subscribing almost 44 times their allotted quota, while non-institutional investors subscribed 30.35 times their reserved portion. Qualified institutional buyers (QIBs) also showed interest, subscribing 1.15 times their allocated portion.

In this initial public offering from the Gurugram-based EV charger manufacturer, about 75 percent of the shares are set aside for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.