Exicom Tele-Systems Limited IPO Details
- Issue type: Main-board IPO
- Issue size: ₹429.00 crore
- Fresh issue: ₹329.00 crore
- Offer for sale (OFS): ₹100.00 crore (70,42,200 equity shares)
- Price band: ₹135 – ₹142 per share
- Minimum order quantity: 100 shares
- Issue open date: February 27, 2024 (closed)
- Issue close date: February 29, 2024 (closed)
- Expected listing date: March 5, 2024
- BSE Code: 543610
- NSE Code: GPTHEALTH
- Registrar: Link Intime India Private Ltd
Exicom Tele-Systems Limited IPO Timeline
| IPO Open Date: | February 27, 2024 |
| IPO Close Date: | February 29, 2024 |
| Basis of Allotment: | March 01, 2024 |
| Refunds: | March 04, 2024 |
| Credit to Demat Account: | March 04, 2024 |
| IPO Listing Date: | March 05, 2024 |
About Company
Established in 1994, Exicom Tele-Systems Limited is a company that focuses on power systems, electric vehicle (EV) charging, and associated solutions. The company consists of two main business divisions. One division is dedicated to providing reliable power solutions for digital communication networks. The other division is involved in deploying more than 6,000 AC and DC chargers across India and Southeast Asia as part of their EV charging solutions, which are engineered to endure challenging environmental and electrical conditions.
As of March 31, 2023, the company is among the first to enter India’s EV charger manufacturing segment. The company operates in the EV Charger business, which offers both slow charging solutions (primarily AC chargers for residential use) and fast charging solutions (DC chargers for business and public charging networks in cities and highways). The customer base includes established automotive OEMs (for passenger cars and EV buses), charge point operators (CPOs), and fleet aggregators.
By September 30, 2023, the company had installed more than 61,000 EV chargers across 400 locations in India. As of September 30, 2023, the company has deployed 470,810 Li-ion Batteries for application in the telecommunications sector, equivalent to a storage capacity of over 2.10 GWH..
- Designs, manufactures, and supplies Electric Vehicle (EV) charging solutions, including AC and DC chargers, battery swapping stations, and charging management software.
- Claims to be the market leader in the Indian EV charging segment with a 60% market share (as of March 31, 2023).
- Offers a diverse product portfolio catering to various segments like two-wheelers, three-wheelers, passenger cars, and buses.
- Has established partnerships with major OEMs, government bodies, and PSUs across India.
OBJECTIVE
- Part-financing the cost towards setting up production/assembly lines at the planned manufacturing facility in Telangana
- Repayment/pre-payment, in part or full, of certain borrowings of the company
- Part-funding incremental working capital requirements
- Investment in R&D and product development
- General corporate purposes
POSITIVE
- Strong market leader position in India
- Diverse product portfolio and established partnerships
- Growth potential in the Indian EV market
- Experienced management team
NEGATIVE
- Dependence on a single market and reliance on government policies
- Limited financial track record and high competition
- Vulnerability to fluctuations in raw material prices and technological disruptions
So, how does Exicom Tele-Systems Limited IPO Fare in Terms of Financials ?
Financial Details
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 629.41 | 705.09 | 602.99 | 678.46 |
| Revenue | 467.21 | 723.40 | 848.96 | 524.36 |
| Profit After Tax | 27.46 | 6.37 | 5.14 | 3.45 |
| Net Worth | 311.40 | 232.00 | 221.57 | 213.44 |
| Reserves and Surplus | 204.95 | 213.61 | 207.39 | 201.55 |
| Total Borrowing | 72.84 | 117.92 | 107.67 | 101.76 |
| Amount in ₹ Crore | ||||
FINANCIAL REVIEW
Positives:
- Strong revenue growth: Revenue has doubled from ₹367.21 crore in FY 2022 to ₹723.40 crore in FY 2023, indicating significant business growth.
- Increasing profitability: Profit after tax has quadrupled from ₹6.37 crore in FY 2022 to ₹27.46 crore in FY 2023, demonstrating growing profitability.
- Improving financial stability: Net worth has increased by 34% from FY 2022 to FY 2023, suggesting improved financial stability.
- Decreased borrowing: Total borrowing has decreased slightly, indicating improved debt management.
Exicom Tele-Systems Limited IPO Valuation :
| Earning Per Share (EPS): | ₹0.69 per Equity Share |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 2.75% |
| Net Asset Value (NAV): | ₹13.38 per Equity Share |
Exicom Tele-Systems Limited IPO – SWOT Analysis
Strengths
- Market leader: Claims to be the market leader in the Indian EV charging segment with a 60% market share (as of March 31, 2023), indicating strong brand recognition and established market position.
- Diverse product portfolio: Offers AC and DC chargers, battery swapping stations, and charging management software, catering to a wide range of EV segments.
- Established partnerships: Collaborates with major EV manufacturers, government bodies, and public sector undertakings, providing access to a broad customer base and potential for further expansion.
- Growth potential: The Indian EV market is expected to witness significant growth in the coming years, creating a favorable environment for Exicom’s business.
- Experienced management team: Claimed to have an experienced management team with expertise in the industry, which could contribute to future development.
Weaknesses
- Dependence on a single market: Primarily operates in the Indian market, leaving it vulnerable to fluctuations in the domestic EV market and potential economic slowdowns.
- Limited geographical presence: While having a dominant position in India, it lacks a global footprint, limiting potential for international market expansion.
- High competition: The EV charging infrastructure space is attracting new entrants, which could lead to increased competition and pressure on margins.
- Reliance on government policies: Heavily dependent on government policies and regulations for the growth of the EV market and demand for charging infrastructure.
- Limited financial track record: With only two years of profitable operations, the company’s long-term sustainability requires further observation.
Opportunities
- Expanding EV market: The rapidly growing Indian EV market presents significant opportunities for Exicom to expand its customer base and market share.
- Government initiatives: Government support for EV adoption, including subsidies and infrastructure development plans, can create favorable market conditions for Exicom’s expansion.
- Technology advancements: Innovation and development of new and efficient charging technologies can enhance Exicom’s product offerings and competitive edge.
- International expansion: Entering new markets and establishing a global presence can diversify revenue streams and mitigate reliance on the domestic market.
- Partnerships and acquisitions: Strategic partnerships and acquisitions can accelerate growth and market access, offering potential for further expansion and diversification.
Threats
- Fluctuations in raw material prices: Dependent on raw materials for production, which could be vulnerable to price fluctuations and impact profitability.
- Changing government policies: Unforeseen changes in government policies or regulations related to EVs or charging infrastructure could negatively impact the company’s business.
- Technological disruptions: Rapid advancements in EV charging technology by competitors could render Exicom’s products obsolete and require continuous innovation.
- Economic slowdown: An economic slowdown could decrease investments and consumer spending impacting the demand for EVs and charging infrastructure.
- Competition from established players: Existing energy companies or technology giants entering the EV charging market could pose a significant competitive challenge.
COMPETITIVE ANALYSIS: MARKET PEERS
Here are some of the key market peers of Exicom Tele-Systems Limited IPO :
Peers:
- Servotech Power Systems Limited
- HBL Power Systems Limited
Exicom Tele-Systems Limited IPO GMP
- Grey market premium as on DD-MM-YYYY = Rs / Share
Disclaimer:
- IPO Grey Market Premium (Exicom Tele-Systems Limited IPO GMP) mention is valid for the specific date as mentioned in the header.
- We are not buying and selling IPO forms on IPO Grey Market.
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Exicom Tele-Systems Limited IPO
🔴 Live Subscription Status 🔴
29/02/2024 5:00 PM
| | NO OF SHARES OFFERED | Day 1 | Day 2 | Day 3 |
| Qualified Institutional Buyers(QIBs) | 1,03,70,540 | 0.73 | 4.48 | 124.82 |
| Non Institutional Investors(NIIs) | 47,11,800 | 19.03 | 54.36 | 159.29 |
| Retail Individual Investors(RIIs) | 31,41,200 | 27.11 | 64.73 | 124.25 |
| Total | 1,82,23,540 | 10.01 | 27.76 | 133.56 |
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