On March 5, Exicom Tele-Systems, a provider of electric vehicle charging solutions, experienced a notable 58 percent surge in its share price on the day of its listing. This increase was partially influenced by market instability, as some investors opted to capitalize on profits.
The stock kicked off with a strong start, opening at Rs 265, marking an 86.6 percent surge from its issue price of Rs 142, albeit falling short of analysts’ predictions. Analysts had anticipated the stock to debut with a premium of over 100 percent, a projection supported by the grey market premium.
Shortly after opening, the stock reached an intraday high of Rs 274.50, but as the day progressed, profit booking began to take place. Ultimately, it closed with a gain 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 closed at Rs 225.65, reflecting a gain of 58.91 percent, with a trading volume of 19.25 lakh shares.
Exicom Tele-Systems, a competitor of Servotech Power Systems and HBL Power Systems, successfully raised Rs 429 crore through its public issue, which witnessed an overwhelming subscription of 129.54 times during the period of February 27-29.
The IPO price band, which included a fresh issue of Rs 329 crore and an offer-for-sale (OFS) of shares worth Rs 100 crore by the promoter, ranged from Rs 135 to Rs 142 per share.
Established in 1994, Exicom operates in the power management solutions sector through two primary business segments: critical power solutions and electric vehicle supply equipment solutions.
As of March FY23, the company held a market share of 60 percent and 25 percent in the residential and public charging segments, respectively, within the electric vehicle supply equipment solutions segment. Additionally, in the critical power business, Exicom boasted a market share of 16 percent in the DC Power Systems market.