Exicom Tele-Systems Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹142
Per ShareLot Size
100 Shares
Minimum Investment
₹14,200
Issue Size
₹429 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Exicom Tele-Systems Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
76.55%
Issue Type
Book Building
ISIN
INE777F01014
About the Company
Incorporated in 1994, the company is an India headquartered power management solutions provider, operating under two business verticals, (i) its critical power solutions business, wherein it designs, manufactures and services DC Power Systems and Li-ion based energy storage solutions to deliver overall energy management at telecommunications sites and enterprise environments in India and overseas ("Critical Power Business"); and (ii) its electric vehicle supply equipment ("EV Charger(s)") solutions business, wherein the company provides smart charging systems with innovative technology for residential, business, and public charging use in India ("EV Charger Business"), and which commenced commercial sales in the Financial Year ended March 31, 2019. The Company was amongst the first entrants in the EV Chargers manufacturing segment in India and as of March 31, 2023, it had a market share of 60% and 25% in the residential and public charging segments, respectively. Furthermore, in our Critical Power Business, we occupy a market share of 16% in the DC Power Systems market and are recognized in the market for Li-ion Batteries for application in the telecommunications sector, having a market share of approximately 10% as of March 31, 2023. Under its Critical Power Business, its products are categorized under indoor power systems, outdoor power systems, hybrid power systems and Liion Batteries and under our EV Charger Business, its products are categorized under AC chargers and DC fast chargers. Further, The Company provides its customers with a wide range of services covering installation and commissioning, maintenance and operations, supplying individual spare parts and repair and return. The revenue contribution of its two business verticals for the six months ended September 30, 2023 and September 30, 2022 and three preceding Financial Years.
Industry Overview
The increasing demand for mobile data and voice services, the growing adoption of 4G and 5G networks, and the need for reliable and uninterrupted power supply for telecommunication towers are the key factors driving the growth of the global telecommunication power market. The market size for telecommunication DC power systems (including hybrid systems) in India is estimated at ~ Rs. 15 billion for Financial Year 2023, with upgradation and replacement demand expected to drive the industry with 75% demand while balance 25% demand expected on account of new tower additions. The energy storage solutions market for telecommunications is valued at Rs. 19.5 billion in Financial Year 2023, while the market size for Li-ion battery energy storage systems in data centers is valued at Rs. 3.2 billion in Financial Year 2023. CRISIL MI&A estimates the current EV charging market in India to be valued at ~ Rs. 8.5 billion as of Financial Year 2023.
Company History
Exicom Tele-Systems Limited was incorporated as "Himachal Exicom Communications Limited", a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation issued by the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh situated at Jalandhar on May 9, 1994. The Company was granted a certificate of commencement of business on May 11, 1994, by the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh situated at Jalandhar. The name of the Company was changed to "Exicom Tele-Systems Limited", pursuant to a resolution passed by its Shareholders on August 6, 2008, and a fresh certificate of incorporation consequent upon change of name issued by the RoC on August 11, 2008.
Products & Services
- Exicom Tele-Systems Limited is an India headquartered power management solutions provider.
Growth Strategy
- Capitalize on EVSE industry tailwinds, including through proposed expansion.
- Continue to invest in our capabilities of product innovation, engineering and design with focus on indigenisation.
- Increase penetration in existing markets, and expand into new overseas markets.
- Expand its product portfolio to increase sales to existing customers and cater to new customer industries and use-cases.
- Invest in digital transformation of its business operations to improve operational efficiencies and customer experience.
Customer Base
Wholesalers and Retailers
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 30,211,200^ equity shares of face value of Rs. 10 each ("Equity Shares") of Exicom Tele-Systems Limited ("Company" or the "Issuer") for cash at a price of Rs. 142 per equity share (including a share premium of Rs. 132 per equity share) (the "Offer Price") aggregating to Rs. 429.00^ crores, comprising a fresh issue of 23,169,000^ equity shares aggregating to Rs. 329.00 crores ("Fresh Issue") and an offer for sale of 7,042,200 equity shares aggregating to Rs. 100.00^ crores ("Offer for Sale") by Nextwave Communications Private Limited (the "Promoter Selling Shareholder" and such equity shares offered by the promoter selling shareholder, the "Offered Shares") (the "Offer"). The offer constituted 25.00% of the post-offer paid-up equity share capital of the company. The face value of equity shares is Rs. 10 each. The offer price is 14.20 times the face value of the equity shares. The company, in consultation with the book running lead managers, has undertaken a private placement pursuant to sections 42 and 62(1)(c) of the companies act, 2013 of 5,259,257 equity shares at an issue price of Rs. 135.00 per equity share (including a premium of Rs. 125.00 per equity share) for cash consideration aggregating to Rs. 71.00 crores (the "Pre-ipo placement") on january 3, 2024. The size of the fresh issue has been reduced by Rs. 71.00 crores and accordingly, the revised size of the fresh issue is Rs. 329.00 crores. The relevant investors that have subscribed to the equity shares pursuant to the pre-ipo placement have, prior to the allotment of equity shares, been informed that there is no guarantee that the offer may come through or the listing may happen and accordingly, the investment was done by the relevant investors solely at their own risk. ^Subject to finalization of the basis of allotment
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Established player in the Indian EV Charger market, with an early-mover-and-learner advantage in a fastgrowing industry characterized by high entry barriers.
- Domain experience and know-how and diversified product portfolio with a track record of demonstrated outcomes in critical cases.
- Vertically integrated operations, backed by manufacturing capabilities, robust supply chain, significant research and development activities and sales and marketing initiatives.
- Significant product development and focussed engineering capabilities.
- Track record of long-standing relationships with an established customer base.
- Its electric vehicle supply equipment business ("EV Charger Business") is correlated with and thus dependent upon the continuing rapid adoption of, and demand for electric vehicles ("EVs")
- The company is dependent on the five most significant customers under its critical power solutions business ("Critical Power Business"), who contributed over 50% of its revenue from operations in each of the last three Financial Years. Loss of any of these customers or a reduction in purchases by any of them could adversely affect its business, results of operations and financial condition.
- The company is dependent on global suppliers for the supply of raw materials and key inputs and may not be able to reduce its dependency on such imports. If critical components or raw materials become scarce or unavailable, then its may incur delays in manufacturing and delivery of its products and in completing its development programs, which could damage the company business.
- Its operations are dependent on the company continued research and development initiatives, and its inability to identify and understand, or keep up with evolving industry trends, technological advancements, customer preferences and develop new products to meet its customers' demands may adversely affect its business.
- The disruption, shutdown or breakdown of operations at its manufacturing facilities may have a material adverse effect on its business, financial condition and results of operations.