Exicom Tele-Systems Ltd.'s initial public offering was subscribed 27.78 times on the second day on Wednesday.The EV charging solutions company's IPO comprises a fresh issue of Rs 329 crore and an offer for sale of Rs 100 crore. The price band is set at Rs 135–142 per share.It has garnered Rs 178 crore from anchor investors ahead of its IPO. The three-day issue to raise up to Rs 429 crore closes on Thursday.Exicom Tele-Systems IPO: How To Check Allotment StatusIssue DetailsIssue opens: Feb. 27.Issue closes: Feb. 29.Total issue size: Rs 429 crore.Face value: Rs 10 apiece.Fixed price band: Rs 135–142 per share.Minimum lot size: 100 shares.Listing: NSE and BSE.Use Of ProceedsOffer for sale: The promoter selling shareholder will be entitled to the proceeds of the OFS after deducting its proportion of the offer expenses and relevant taxes.Object of the fresh issue: The company proposes to utilise the net proceeds towards funding the following objects:Part-financing the cost towards setting up of production or assembly lines at the planned manufacturing facility in Telangana.Repayment or pre-payment, in part or full, of certain borrowings.Part-funding incremental working-capital requirements.Investment in research & development and product development.General corporate purposes.BusinessThe company operates under two business verticals. In the critical power solutions business, it designs, manufactures and services DC power systems and Li-ion based energy storage solutions to deliver overall energy management at telecommunications sites and enterprise environments.In the EV supply equipment solutions business, it provides smart charging systems with innovative technology for residential, business and public use in India. This commenced commercial sales in financial year 2019.The company is among the first entrants in the EV chargers manufacturing segment in India and as of March 31, 2023, they had a market share of 60% and 25% in the residential and public charging segments respectively.Subscription Status: Day 3The IPO was subscribed 129.54 times as of 7 p.m. on Thursday.Institutional investors: 121.80 times.Non-institutional investors: 153.22 times.Retail investors: 119.59 times.Watch The IPO Adda HerePlatinum Industries IPO Subscription: Day 3 Live Updates