Bharti Hexacom IPO gets lukewarm response, issue booked 34% on day 1: Check subscription latest status

Bharti Hexacom IPO opened to a lukewarm response from the investors on Wednesday, April 3. The initial public offer of Bharti Airtel subsidiary was booked only 30% until 4pm on day 1, as per the NSE data.

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The first mainboard IPO of FY25, received bids for only 1.41 crore shares compared to more than 4.12 crore shares on offer.

In the retail category the public issue was booked 48%, while the qualified institutional buyers (QIBs) category was booked 29%. On the other hand, the non-institutional investors’ (NIIs) category subscribed only 36%, the NSE data showed.

In the QIB category, the investors placed bids for 64.8 lakh shares compared to 2.25 crore shares on offer for the category. The NII segment received bids for 40 lakh shares against 1.12 crore shares on offer. The retail investors applied for 36.2 lakh shares against 75 lakh shares reserved for the category.

Bharti Hexacom IPO, an entire offer for sale of 7.5 crore shares, included an anchor investor portion of over 3.37 crore shares. The company aims to raise ₹4,275 crore from public investors through the IPO.

Ahead of its IPO, Bharti Hexacom has raised ₹1,923.75 crore through an anchor round on April 2.

Bharti Hexacom IPO price band, date and other key details

The Bharti Hexacom IPO price band has been fixed at ₹542 to₹570 per share with a face value of ₹5 each. The lot size is 26 shares, which means retail investors need to bid for a minimum of 26 shares, and in multiples of that thereafter. This translates into a minimum retail application amount of ₹14,820.

In terms of allocation, Bharti Hexacom has reserved 75% for QIBs. Additionally, 15% of the issue is allocated for NIIs, while the remaining 10% is reserved for retail investors.

The Bharti Hexacom IPO subscription is open from April 3 to April 5. Following the closure of the subscription window, the basis of allotment is likely to be finalised on April 8. Investors can anticipate the initiation of refunds and the credit of shares to their demat accounts by Wednesday, April 10, 2024.

Shares of Bharti Hexacom Ltd are scheduled for listing on Friday, April 12, on BSE and NSE.

About Bharti Hexacom

Bharti Hexacom offers mobile, landline and broadband services primarily in the Rajasthan and North East telecom circles of India. With Bharti Airtel holding a 70% stake and TCIL owning the remaining 30%, the company is a significant player in these regions. Its primary revenue source comes from mobile telephone services, predominantly under the Airtel brand, serving Rajasthan and the North Eastern states of Manipur, Mizoram, Arunachal Pradesh, Meghalaya, Nagaland, and Tripura.

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