- Some proceeds of the IPO will go towards funding the company’s new EV charger manufacturing facility in Hyderabad
- Anant Nahata, son of Mahendra Nahata, is the MD of the company. The latter is also on the Board of Directors of Reliance Jio Infocomm
India-headquartered electric vehicle (EV) charger maker Exicom Tele-System has filed for an initial public offering (IPO) worth Rs four billion ($48.1 million), and an offer for sale of up to 7.4 million shares.
According to the prospectus, Nextwave Communications, one of the promoters of Exicom, will sell up to 7.4 million shares. Monarch Networth Capital, Unistone Capital and Systematix Corporate Services are the book-running managers for the IPO.
Priyank Agarwal, chief strategy officer of Exicom, had hinted towards the IPO filing back in October 2022 in an earlier conversation with this author. He had also said that Exicom was forming two new companies: Exicom Power to focus on EV chargers and Exicom Energy to focus on the battery business.
Agarwal had added that Exicom was in the process of setting up a new facility for manufacturing EV chargers, and the same would require an investment of INR 100 to 120 Crore. Exicom has proposed to utilise the proceeds to partially finance the cost of setting up production lines at its planned manufacturing facility in Telangana and towards investment in research and development, it said in its draft prospectus.
Anant Nahata, son of Mahendra Nahata, is the MD of the company. The latter is also on the Board of Directors of Reliance Jio Infocomm. Anant Nahata is married to Kamal Oswal’s daughter, Neha.
Last fiscal, Exicom sold over 43,000 EV chargers. This figure is 187% YoY higher than the previous fiscal’s sales of 15,000 EV chargers. Exicom’s existing facility in Haryana can manufacture 108,000 AC chargers and 2,400 DC chargers annually. On completion, its Hyderabad facility will be able to produce 360,000 AC chargers, and 7,800 DC chargers annually.
Exicom counts Tata, MG, Hyundai, Audi, Kia, Mahindra, Mercedes, Ashok Leyland, JBM, and more as its customers.
