BENGALURU - India's Exicom Tele-Systems, which makes electric-vehicle chargers and energy storage systems, has filed for an initial public offering worth 4 billion rupees ($48.1 million), and an offer for sale of up to 7.4 million shares, a draft paper filed with the market regulator showed on Thursday.

The company proposes to utilise the proceeds for partially financing 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.

Promoter Nextwave Communications will sell up to 7.4 million shares, according to the prospectus.

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

Exicom posted a net profit of 63.7 million rupees in fiscal 2023, compared with a profit of 51.4 million rupees in the previous year.

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

($1 = 83.1510 Indian rupees)

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