Exicom Tele-Systems IPO day 3: Check GMP, subscription status, other details on last day of bidding

The company aims to raise ₹429 crore through the IPO.

Published on: Feb 29, 2024, 13:01:02 IST

By HT News Desk, New Delhi

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The ₹429 crore initial public offering (IPO) of Exicom Tele-Systems closes on Thursday, after opening for subscription two days ago. On the final day of bidding, i.e., today, the grey market continues to remain ‘bullish’ regarding the Exicom Tele-Systems IPO, reported Mint, HT's sister publication.

After the first two days of bidding, the public issue was booked 27.78 time (Representational Image)

Also Read: Exicom Tele-Systems, Platinum Industries IPOs open for subscription from today

Exicom Tele-Systems IPO GMP today

On Thursday, the public issue's grey market premium (GMP) is ₹179, as against ₹170 on the previous day.

“The GMP has surged today despite sharp selling pressure in the secondary market on Wednesday. A strong response by the investors could be the possible reason for this bullish grey market sentiment,” Mint quoted market experts as saying.

Exicom Tele-Systems IPO subscription status

By 11:39 am on the third day of bidding, the public issue was booked 37.85 times, while the retail portion was subscribed 79.64 times. The non-institutional investors (NIIs) portion was booked 83.19 times, and the qualified institutional buyers (QIBs) segment, 4.58 times.

Also Read: From Platinum Industries to Bharat Highways, 6 IPOs hitting market this week

After the first two days, the IPO stood booked 27.78 times, retail portion 64.79 times, NII segment 54.39 times, and QIB section, 4.48 times.

To subscribe or not?

Rajan Shinde, a research analyst at Mehta Equities, gave a ‘subscribe’ tag for listing gain.

"We believe the company's early entry into EV charger manufacturing and strategic partnerships with automotive OEMs and charging station operators have solidified their market leadership position. Hence, considering all parameters, we are recommending investors to “SUBSCRIBE" the issue for listing perspective only," Shinde said.

Arun Kejriwal, Founder, Kejriwal Research and Investment Services, expected ‘strong’ listing gain from the bookbuild issue.

“The public issue has received a strong response by investors across segments and the issue has been priced at attractive valuations as well. However, the business model of the company is slightly difficult to understand for a retail investor. So, my suggestion to the primary market investors is to at least apply for the listing premium,” Kejriwal told the website.

(Disclaimer: The views mentioned above are only of individual experts/firms)

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HT News Desk
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