The initial public offering belongs to Exicom Tele-Systems Ltd, will be closed on February 29. Meanwhile it has already covered decent response from investors. Till today, the Rs 429 crore IPO received 33.47 times subscription, allocating bids for 59,15,65,900 shares as against 1,76,72,400 shares on offer.

The Exicom Tele-Systems initial public offering (IPO) commenced public subscription on Tuesday, February 27th. The IPO has set a price range of 135 to 142 per share.

The retail segment has garnered a subscription of 75.67 times, while the non-institutional quota has received a subscription of 69.81 times. The QIB quota, on the other hand, has been subscribed 4.60 times.

The shares of the company are being made available at a fixed price range of 135-142 per share. Interested investors can place bids for a minimum of 100 equity shares and in multiples of that thereafter.

The High net-worth individuals took the lead by acquiring 100.17 times the designated category. Retail investors secured 89.97 times, while qualified institutional buyers obtained 15.44 times their allocated quota.

A research analyst at Mehta Equities, Rajan Shinde, said, "We believe the company's early entry into EV charger manufacturing and strategic partnerships with automotive OEMs and charging station operators have solidified their market leadership position. Hence, considering all parameters, we are recommending investors to “SUBSCRIBE" the issue for listing perspective only."

Arun Kejriwal, Founder, Kejriwal Research and Investment Services, quoted, “The public issue has received a strong response by investors across segments and the issue has been priced at attractive valuations as well. However, the business model of the company is slightly difficult to understand for a retail investor. So, my suggestion to the primary market investors is to at least apply for the listing premium.”

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