BENGALURU – India’s Exicom Tele-Systems, which makes electric-vehicle chargers and vitality storage methods, has filed for an preliminary public providing price 4 billion rupees ($48.1 million), and a suggestion on the market of as much as 7.4 million shares, a draft paper filed with the market regulator confirmed on Thursday.

The firm proposes to utilise the proceeds for partially financing the price of establishing manufacturing strains at its deliberate manufacturing facility in Telangana and in the direction of funding in analysis and improvement, it mentioned in its draft prospectus.

Promoter Nextwave Communications will promote as much as 7.4 million shares, in response to the prospectus.

The book-running managers for the IPO are Monarch Networth Capital, Unistone Capital and Systematix Corporate Services.

Exicom posted a internet revenue of 63.7 million rupees in fiscal 2023, in contrast with a revenue of 51.4 million rupees within the earlier 12 months.

However, its income fell 16% to 7.08 billion rupees.

($1 = 83.1510 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Varun H Okay)