Bharti Hexacom, the arm of Bharti Airtel, will open its initial public offering (IPO) for subscription on April 3. The company has fixed a price band of ₹542-570 per share for its ₹4,275 crore IPO.
According to a PTI report, the investors will be able to subscribe to the IPO till April 5. The bidding for anchor investors will open for a day on April 2. Bharti Hexacom is the first IPO of the financial year 2024-25.
According to the report, the IPO comprises an offer-for-sale (OFS) of 7.5 crore equity shares, indicating a 15 per cent stake by Telecommunications Consultants India Ltd, with no fresh issue component.
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Since it is an OFS, Bharti Hexacom will not receive any proceeds from the IPO. Bharti Airtel holds 70 per cent stake and the remaining 30 per cent stake is owned by Telecommunications Consultants India.
It is among the top global mobile operators in terms of number of customers and India’s largest integrated communications solutions provider in terms of consolidated operating revenue as of fiscal 2023.
Bharti Hexacom provides telecommunication services in Rajasthan and the North East.
At the upper-end of the price band, the IPO size will be ₹4,275 crore. About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
The company had filed its preliminary IPO papers with Sebi on January 20, and obtained the market regulator’s nod on March 11, to float the maiden public issue.
SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book running lead managers of the public issue.