Exicom Tele-Systems, Platinum Industries IPOs open for subscription from today. Check details

Both public offers will close on February 29, and the issue size is ₹429 crore and ₹235 crore, respectively.

Published on: Feb 27, 2024, 10:23:50 IST

By HT News Desk, New Delhi

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Of the six initial public offerings (IPOs) scheduled to hit Dalal Street this week, two opened for subscription on Tuesday. While the Exicom Tele-Systems IPO aims to raise net proceeds worth ₹429 crore and will close on February 29, the public offer of Platinum Industries is to raise ₹235 crore; the latter too will close on February 29.

Total six IPOs are hitting Dalal Street this week, including two today. (Representative Photo)

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

Exicom Tele-Systems IPO

The company, which is into electric vehicle (EV) chargers making, has fixed a price band of ₹135-142 per share. The IPO comprises a fresh issue of equity shares aggregating up to ₹329 crore, along with an offer-for-sale (OFS) of up to 70.42 lakh shares worth ₹100 crore at the upper end of the price band.

According to market experts, Exicom Tele-Systems' shares are available at a premium of ₹129 in the grey market today.

Meanwhile, Dhruv Mudaraddi, a research analyst at brokerage firm Stoxbox, gave a ‘subscribe’ tag to the offer.

“With clear objectives post-IPO encompassing the establishment of production facilities, debt repayment, investment in R&D, and bolstering working capital, the company demonstrates a proactive approach toward addressing market demands and capitalizing growth opportunities,” Mudaraddi told Mint.

Other leading brokerages such as BP Equities, Nirmal Bang, and SBI Securities, have also assigned a 'subscribe' tag to the public issue.

Platinum Industries IPO

The firm, which manufactures PVC (ployvinyl chloride) and CPVC (chlorinated polyvinyl chloride), has fixed the price band at ₹162-171 per share. The IPO is a entirely a fresh equity issue of 1.37 crore shares with no OFS component.

Analysts at financial services provider Anand Rathi, gave a ‘subscribe’ tag to investors in the long-term.

At the upper price band company is valuing at P/E (price-earnings) of 25.0 times, with a market cap of ₹939 crore post issue of equity shares and return on net worth of 61.26%. We believe that valuations of the company is fairly priced and recommend a 'Subscribe-Long Term' rating to the IPO," it said in its IPO note.

(Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies)

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