India’s Exicom Tele-Systems, which makes electric-vehicle chargers and energy storage systems, has filed for an initial public offering (IPO) worth Rs 4 billion (USD 48.1 million) and an offer for sale (OFS) of up to 7.4 million shares, a draft paper filed with the market regulator showed on Thursday.
The company plans to use the money for setting up production lines at its new facility and investing in research and development. Nextwave Communications, the promoter, will sell up to 7.4 million shares.
The book-running managers for the IPO are Monarch Networth Capital, Unistone Capital and Systematix Corporate Services.
Exicom’s net profit in fiscal year 2023 was Rs 63.7 million, an increase from Rs 51.4 million in the previous year. However, its revenue decreased by 16 per cent to Rs 7.08 billion.
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