This week is going to be action packed for IPO investors as two main board public issues - Platinum Industries and Exicom Tele-Systems – will open for subscription today, while Juniper Hotels and GPT Healthcare equity shares will make their debut on stock exchanges on February 28 and February 29, respectively.
Here’s all you need to know about upcoming IPOs:
Exicom Tele-Systems IPO
The initial public offerings (IPO) of EV charging company Exicom Tele-Systems will open for subscription on February 27 and will close on February 29. The allotment of shares to applicants is expected to be finalised on March 1, 2024, while Exicom Tele-Systems shares are likely to be listed on the BSE and NSE on March 5, 2024. Ahead of the IPO, the company raised ₹178 crore from anchor investors by allocating 1,25,38,800 equity shares.
The company looks to raise ₹429 crore through the public issue, which is a combination of a fresh issue of 2.32 crore shares worth ₹329 crore and an offer for sale of 0.7 crore shares amounting to ₹100 crore by existing shareholders.
The price band for the IPO is ₹135-₹142 per share. The minimum lot size for an application is 100 shares and thereafter, which means the minimum application amount for retail investors will be ₹14,200.
As per the document filed with SEBI, the company has reserved up to 75% of the issue for qualified institutional buyers (QIBs), up to 15% for non-institutional investors; and the remaining 10% for retail investors.
The company intends to use capital raised from issuance of fresh equities to finance the cost towards setting up production lines at the planned manufacturing facility in Telangana as well as repaying its certain borrowings. A part of the fund will be used to meet working capital requirements, investment in R&D and product development, and general corporate purposes.
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.
Platinum Industries IPO
Platinum Industries, a multi-product company engaged in the business of manufacturing stabilisers, CPVC additives, and lubricants, has garnered ₹70.59 crore from anchor investors ahead of its IPO that opens for public subscription on February 27, 2024. The company has allocated 41,28,237 equity shares to anchor investors at the upper end of the price band at ₹171 per share.
Platinum Industries aims to raise ₹235.32 crore via IPO route, which is entirely a fresh issue of 1.38 crore shares. The price band for the IPO is ₹162 to ₹171 per share and the minimum lot size for an application is 87 shares.
The company has reserved half of the issue for QIBs, 35% for retail investors, and the remaining 15% for NIIs. 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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