HFCLbacked Exicom Tele makes stellar debut as stock jumps 59%
Shares of Exicom TeleSystems made a strong debut at the bourses on Tuesday after a blockbuster IPOs.
Shares of HFCLbacked Exicom Tele listed with 61 per cent premium at ₹264 against the IPO price of ₹142 and moved up further to ₹274.45. However, the stock surrendered part of gains to close at ₹225.65 — up 59 per cent over the IPO price. On the NSE, after listing at ₹265, it closed at ₹224.95.
PLATINUM IND UP 29%
Platinum Industries listed at ₹228, against the IPO price of ₹171, on the BSE and closed at ₹220.90, up 29.18 per cent over the IPO price. On the NSE, the stock closed at ₹221.20.
The ₹235.32crore initial public offering of Platinum Industries was subscribed 99 times. The entire offer was a fresh issue.
Ahead of IPO, Platinum Industries raised ₹70.59 crore from anchor investors.
The company intends to use the net proceeds from the offering for investing in Platinum Stabilisers Egypt LLC, its subsidiary; financing working capital needs; funding capital expenditure required for the establishment of a PVC stabiliser manufacturing facility in Palghar, Maharashtra; and general corporate purposes.
EXICOM OFFER
The ₹429crore IPO of HFCLbacked Exicom saw a strong response from all category of investors.
Proceeds from the IPO — fresh issue worth ₹329 crore — will be used towards setting up production lines at the manufacturing facility in Telangana, investment in R&D as well as product development, and payment of debt to support working capital requirements and for general corporate purposes.
Ahead of the IPO, it garnered ₹178 crore from anchor investors.