Shares of EV charging company Exicom Tele-Systems and specialty chemical manufacturer Platinum Industries made a strong debut on the domestic stock exchanges on Tuesday despite weakness in the broader market. While Exicom Tele-Systems shares listed at ₹265 on the NSE, a premium of 87% over the issue price of ₹142 per share, shares of Platinum Industries debuted at ₹225, 35% higher over the initial public offering (IPO) price of ₹171.
Post listing, Exicom Tele-Systems gained as much as 93% to hit an intraday high of ₹274.5, while it touched an intraday low of ₹219 on the NSE. The counter finally settled day’s trade at ₹228.4, up 31.6% over the IPO price, with a market capitalisation of ₹2,759.63 crore.
In a similar trend, Platinum Industries shares ended 29.5% higher at ₹221.50 on the NSE, while the market cap stood at ₹1,216.58 crore. During the session, the stock touched an intraday high and low of ₹236.25 and ₹221, respectively.
Meanwhile, the BSE Sensex ended at 73,677, down 195 points, or 0.26%, and the NSE Nifty settled at -49.3 points, or 0.22%, lower at 22,356.
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, says the strong debut of Exicom Tele-Systems and Platinum Industries was positive, but they fell short of pre-listing expectations that targeted an even higher gain, likely due to the negative market sentiment on the listing day.
“Despite broader market weakness, the 86.6% premium signifies investor confidence in Exicom Tele-Systems' future potential. The company's established position in the EV charger market positions it for continued growth alongside the booming EV industry.”
“Exicom Tele-Systems' listing, while not quite hitting the pre-listing hype, is a strong showing and underscores the company's potential. The significant oversubscription and listing premium demonstrate investor confidence in the company's prospects. We suggest investors hold their position with a stop loss at ₹235 and monitor the stock's performance closely. However, those who want to book listing gains may exit their position, says Nyati.
On listing of Platinum Industries, Nyati says, “Despite falling short of pre-listing hype, the 33% premium signifies investor confidence in Platinum Industries' strong fundamentals. “Platinum Industries' strong listing is a positive sign, investors who want listing gain may exit their holding however those who want to hold it for the long term are advised to keep a stop loss at ₹210.”
The Gurugram-headquartered EV charger manufacturer Exicom Tele-Systems raised ₹429 crore through its public issue, which comprised a fresh equity of ₹329 crore and an offer-for-sale (OFS) of 70.42 lakh shares worth ₹100 crore by existing shareholders. The issue received overwhelming response from investors as it was booked 129.54 times. The quota reserved for high net worth individuals were subscribed 153.22 times, followed by 121.80 times in 119.58 times in qualified institutional buyers (QIOB) portion and 121.80 times in retail investors. The company had fixed issue price at ₹135-₹142 per share, and the lot size was 100 shares and thereafter.
Established in 1994, Exicom Tele-Systems is engaged in power systems, electric vehicle (EV) charging, and other related solutions. The company 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) and has deployed more than 70,000 AC and DC chargers across India and Southeast Asia.
Meanwhile, the ₹235.32 crore IPO of Platinum Industries was subscribed 98.71 times. The quota for QIB was booked 151 times, while portions set aside for NIIs and retail were subscribed 141.68 times and 50.41 times, respectively. The price band for the IPO was ₹162 to ₹171 per share and the lot size for an application was 87 shares.
Platinum Industries is a multi-product company engaged in the business of manufacturing stabilisers, CPVC additives, and lubricants. The capital raised from the IPO will be used for investment in the subsidiary, Platinum Stabilisers Egypt LLC; for financing its capital expenditure requirements for setting up of a manufacturing facility for PVC Stabilisers at SC Zone 'Governorate of Suez Egypt'. A part of the fund will be also used for setting up of a manufacturing facility for PVC Stabilisers at Palghar, Maharashtra; meet working capital requirements and general corporate purposes.
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