Bharti Hexacom IPO Subscribed 29.88 Times On Final Day
Bharti Hexacom Ltd. launched its three-day initial public offering on Wednesday to raise up to Rs 4,275 crore and it was subscribed 29.88 times on the third and final day.
It was subscribed 34% on the first day and 1.12 times on the second day.
The maiden issue of Bharti Airtel Ltd.'s subsidiary is a pure offer for sale by the government-owned Telecommunications Consultants India Ltd. It will offload up to 7.5 crore shares and the price band is set at Rs 542–570 per share.
The proceeds of the stake sale will go to the Union government. Airtel will hold on to its 70% stake in the company, even as TCI's shareholding will reduce to 10%. Currently, the government holds a 30% stake in the company.
SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities and IIFL Securities are the book-running managers for the IPO.
The company raised Rs 1,923.75 crore from anchor investors a day ahead of its IPO. It allotted 3.37 crore shares at Rs 570 apiece to 97 anchor investors.
Issue Details
Issue opens: April 3.
Issue closes: April 5.
Issue price: Rs 542–570 per share.
Offer for sale: Rs 4,275 crore.
Total issue size: Rs 4,275 crore.
Listing: BSE and NSE.
Business
Founded in 1995, Hexacom operates only in Rajasthan and the northeast circles. It also provides fixed-line and broadband services in Rajasthan. In the first nine months of fiscal 2024, revenue-wise market share for the Rajasthan circle is nearly 40% and 52% for the northeast circle.
The company has consistently increased its average revenue per user for mobile services from Rs 135 in fiscal 2021 to Rs 155 in fiscal 2022 to Rs 185 in fiscal 2023. It is Rs 197 In the first nine months of fiscal 2024.
Subscription Status: Day 3Â
The IPO has been subscribed 29.88 times as of 7 p.m. on Friday.
Institutional investors: 48.57 times.
Non-institutional investors: 10.52 times
Retail investors: 2.83 times
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