04 Apr , 2024 By : Debdeep Gupta
The public issue of Bharti Hexacom had a decent start to day two of bidding on April 4, as investors picked up 1.62 crore shares, or 0.40 times the issue of 4.12 crore shares up for grabs.
Retail investors led the race, purchasing 0.61 times the portion reserved for them. Non-institutional investors were second in line after buying 0.46 times the allotted quota, and qualified institutional buyers (QIBs) were yet to warm to the issue after subscribing just 29 percent.
The Bharti Airtel subsidiary's IPO opened for subscription on April 3 and will close on April 5. The arm of the country's second-largest telecom operator plans to garner Rs 4,275 crore through its public offer.
The company has raised around Rs 1,924 crore through its anchor book which includes top global investors like Capital Group, Fidelity, Blackrock, and ADIA, ahead of the opening of the IPO.
The IPO comprises only an offer-for-sale (OFS) with no fresh issue component. Telecommunications Consultants India, the only public shareholder in the company, will offload 7.5 crore equity shares or a 15 percent stake in the OFS. The promoter of the company is Bharti Airtel, which controls a 70 percent stake and the remaining 30 percent shares (15 crores) are held by Telecommunications Consultants India.
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