Exicom Tele-Systems Ltd. (ETSL) has announced the Initial public offering (IPO) of its equity shares on Tuesday, 27th February, 2024. The price band has been fixed at ₹ 135 to ₹ 142 per equity share. Bids can be made for a minimum of 100 equity shares and in multiples of 100 shares thereafter.
The total offer size comprises of fresh issue of equity shares aggregating up to ₹329 crore and Offer for Sale up to 7,042,200 equity shares. The total size of the IPO at the upper price band is estimated at ₹429 crore.
The IPO will close on Thursday, 29th February, 2024.
The company proposes to utilise net proceeds from fresh issue towards part financing the cost towards setting up of production/assembly lines at a planned manufacturing facility in Telangana amounting to ₹145.72 crore; Repayment/pre-payment, in part or full, of certain borrowings amounting to ₹50.29 crore, part funding incremental working capital requirements amounting to ₹69 crore; investment in R&D and product development amounting to ₹40 crore; and the balance amount for general corporate purposes.
The Offer for Sale comprises of up to 7,042,200 equity shares by NextWave Communications Private Ltd., which is the Promoter Selling Shareholder.
