Exicom Tele-Systems raises ₹71 crore through pre-IPO placement and allots 52.6 lakh shares to five investors

The manufacturer of chargers for electric cars, Exicom Tele-Systems, has increased ₹71 crore through a pre-IPO placement before filing the red herring prospectus with the Registrar of Companies (ROC).

The company said it has allotted 52,59,257 shares at a price of five investors ₹135 each in a public statement published in Financial Express (FE).

Of the five investors, Rare Enterprise (through Sunil Jugalkishor Anandpara and Hemal Dinesh Shah) was the largest buyer, buying shares worth Rs 20 lakh ₹27 crore. Second place was taken by Belgrave Investment Fund which bought 18,51,851 shares worth ₹25 crore. Monika Garware acquired shares worth Rs 7.4 lakh ₹9.9 crore. Shaurya Vardhan Sonthalia and Rajyavardhan Sonthalia bought 333,333 shares worth ₹4.5 crore each.

According to news reports, Exicom Tele-Systems Ltd filed preliminary documents with capital markets regulator Securities and Exchange Board of India (SEBI) in September last year to raise funds through an IPO.

The company planned to consider an increase ₹80 crore from the pre-IPO placement, which is part of the new issue as per the draft Red Herring Prospectus (DRHP).

“Our Company, in consultation with the Book Running Lead Managers (BRLMs), may consider a further issuance of equity shares, to the extent permitted by applicable law, to one or more persons in an aggregate amount of up to ₹80 crore, at its discretion, before filing the Red Herring Prospectus with the RoC. “The pre-IPO placement shall not exceed 20% of the size of the new issue,” the company said in its DRHP.

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