Exicom Tele-Systems IPO 2024: key dates and subscription

Overview of the IPO and why it drew attention

Gurgaon-based Exicom Tele-Systems Limited, which is known for electric vehicle charging solutions and power systems, launched its initial public offering in late February 2024. The IPO opened for subscription on February 27, 2024 and closed on February 29, 2024. The price band was set at ₹135 to ₹142 per share, with a face value of ₹10 per share.

The issue became a closely tracked offering because of the very high subscription figures reported by the end of bidding. Multiple updates across the bidding window showed steady momentum, culminating in triple-digit oversubscription on the final day. The stock was scheduled to list on both BSE and NSE on March 5, 2024.

Offer timeline: from bidding to listing

The IPO schedule was clearly laid out across the bid period and the immediate post-close process. The basis of allotment was set for March 1, 2024, with refunds and demat credit expected on March 4, 2024. The listing date was March 5, 2024.

Investors using UPI were required to confirm the mandate by 5 PM on February 29, 2024, the issue closing day. The timeline also included a mandate end date of March 15, 2024.

Price band, lot size, and application limits

Exicom Tele-Systems offered shares in a price band of ₹135 to ₹142 per share. The lot size was fixed at 100 shares. Retail investors could apply for a minimum of 1 lot and a maximum of 14 lots.

Based on the upper end of the price band, the minimum application value was stated as ₹14,200, while the maximum retail application value was ₹198,800. These values align with the 100-share lot size and the maximum retail lot cap mentioned for the offer.

Issue size and key structural details

The total issue size was stated as 30,211,214 shares, aggregating up to ₹429.00 crore. Separate bidding data from the final day also cited bids received for 234.88 crore equity shares against 1.82 crore shares on offer, indicating heavy participation.

While the article data provided focuses on process and subscription, it also highlights that Exicom Tele-Systems was expected to announce allotment status on March 1. Investors were directed to check the allotment on the registrar and transfer agent’s website.

Subscription numbers: what the final day showed

Subscription data as of February 29, 2024 showed very high demand across investor categories. One consolidated snapshot cited total subscription of 129.54 times by the end of day 3. Another update referenced 128.89 times on the last day, along with category-wise numbers for QIB, NII, and retail.

There was also an intra-day datapoint stating the IPO was subscribed 48.99 times as of 1:21 PM on February 29, 2024. Taken together, the figures show a sharp acceleration in demand into the final day of bidding.

How to check Exicom Tele-Systems IPO allotment status

Investors could check the allotment status on the registrar’s website using commonly accepted identifiers. The steps shared were straightforward: select the company name, and then submit details such as PAN, application number, DP/Client ID, or bank account and IFSC information.

Allotment was scheduled for Friday, March 1, 2024. If shares were allotted, credit to demat accounts was expected by Monday, March 4, 2024. If not allotted, the initiation of refunds was also expected to begin on March 4, 2024.

What happens after allotment: refunds, demat credit, and listing

After the basis of allotment, the process typically moves quickly into refunds and demat credit. The schedule provided for this IPO indicated that both refunds and demat credit were expected on March 4, 2024.

The shares were scheduled to list on March 5, 2024 on BSE and NSE. This gave a one-day buffer between demat credit and listing, consistent with the timeline presented.

Anchor lock-in dates and what the note implies

The data included tentative anchor lock-in end dates: April 1, 2024 for 50% of the anchor investment, and June 1, 2024 for the remaining portion. A note clarified that these are tied to the actual allotment date: 30 days after allotment for 50% of the shares, and 90 days after for the remaining shares.

This clarification matters because the anchor lock-in schedule can shift if the allotment date differs from the tentative calendar.

Market signals from demand and unofficial indicators

The reported subscription levels indicate broad-based participation from QIBs, non-institutional investors, and retail investors by the end of the offer period. As per the provided data, QIB subscription was reported at 121.80 times, NII at 152.84 times, and retail at 116.35 times in one snapshot.

Separately, a “tentative GMP” was stated at ₹170. The same source reiterated that such figures are “tentative”, and investors typically treat them as unofficial indicators rather than confirmed pricing outcomes.

Key facts table: IPO details, dates, and subscription

Subscription snapshot: category-wise and day-wise progression

Conclusion

Exicom Tele-Systems’ IPO ran from February 27 to February 29, 2024, with a ₹135-₹142 price band and a total issue size of ₹429.00 crore. The allotment was scheduled for March 1, followed by refunds and demat credit on March 4, and listing on March 5. With multiple reports pointing to triple-digit subscription by the close, investor attention remained focused on allotment status updates available through the registrar’s website and the stock’s scheduled exchange debut.