Exicom Tele-Systems witnessed a remarkable market debut on Tuesday, March 5, with its shares listing at a significant premium of nearly 87 percent over the IPO price.
On the Bombay Stock Exchange (BSE), the stock debuted at Rs 264, marking an impressive 86 percent premium over its issue price of Rs 142 per share. Similarly, on the National Stock Exchange (NSE), it opened at Rs 265, reflecting a premium of 86.62 percent over the issue price.
Ahead of its listing, Exicom shares commanded a Grey Market Premium (GMP) of Rs 160 in the grey market.
At the time of writing, the latest share prices for Exicom Tele-Systems were Rs 248.45 (representing a 74.96 percent increase) on BSE and Rs 247.80 (reflecting a 74.51 percent increase) on NSE.
Regarding the decision whether to sell or hold the stock, while Exicom Tele-Systems' listing didn't quite meet the heightened pre-listing expectations, it still demonstrated a robust performance, showcasing the company's promising potential. The significant oversubscription and substantial listing premium underscored investor confidence in the company's future prospects.
Shivani Nyati, Head of Wealth at Swastika Investment Ltd, recommended investors maintain their positions, setting a stop loss at 235, and closely monitoring the stock's performance. However, she also suggested that those looking to secure listing gains may consider exiting their positions.
Nyati emphasized that Exicom Tele-Systems, a key player in India's EV charger market, had a strong debut at Rs. 265 per share, with an 86.6 percent premium over its IPO price of Rs. 142. Although it didn't meet the lofty pre-listing expectations, possibly due to adverse market sentiment, the company's fundamentals remained solid.
Exicom Tele-Systems' IPO witnessed robust subscription rates, with the offering being oversubscribed 129.54 times by the end of the subscription period. Qualified institutional bidders (QIBs) showed strong interest, subscribing 121.80 times, while non-institutional investors and retail investors subscribed 153.22 times and 119.59 times, respectively.
