Bharti Hexacom shares close nearly 8% higher at ₹814 after a strong market debut
Upstox
2 min read • Updated: April 12, 2024, 6:29 PM
Summary
Following its listing, the telecom stock rallied as much as 16.55% to hit an intraday high of ₹880 apiece on the NSE. However, the shares of Bharti Hexacom pared some of early gains and closed 7.81% higher at ₹814.
Bharti Hexacom shares extended gains, after a strong debut, and closed nearly 8% higher on Friday, April 12. Shares of Bharti Hexacom were listed on the NSE at a 32.46% premium at ₹755 compared to the IPO price of ₹570.
Shares of the Bharti Airtel subsidiary company continued its upward momentum after a strong opening amid strong buying interest from investors.
Following its listing, the telecom stock rallied as much as 16.55% to hit an intraday high of ₹880 apiece on the NSE. However, the shares of Bharti Hexacom pared some of early gains and closed 7.81% higher at ₹814.
The minimum lot size for an application in Bharti Hexacom IPO was 26 shares, aggregating to an investment of ₹14,820 for retail investors. At the Friday’s closing, the successful bidders in the IPO would have seen their minimum investment swelling to ₹21,164 (₹814 x 26) on the first day of trading in the stock.
On BSE, Bharti Hexacom shares were listed at ₹755.2 apiece, a premium of 32.49% compared to the IPO price. After a strong debut, the stock surged as much as 16.51% to an intraday high of ₹879.9 apiece and later closed at ₹813.75 apiece, up 7.75%.
Bharti Hexacom IPO, the first mainboard public issue of FY25, was open for subscription from April 3 to April 5. The public offer comprised entirely an offer-for-sale (OFS) of 7.5 crore shares.
Telecommunications Consultants India Limited (TCIL), the sole public shareholder in the company, offloaded 15% of its stake through the public issue.
Before the IPO, TCIL held 30% stake in Bharti Hexacom while parent Bharti Airtel held 70% stake in the company.
Bharti Hexacom’s ₹4,275-crore IPO, was booked nearly 30 times during the subscription period.
Ahead of the launch of the IPO, Bharti Hexacom secured ₹1,924 crore through an anchor allocation round at the upper price band of ₹570 per share.
Bharti Hexacom offers mobile and landline telephone as well as broadband services primarily in Rajasthan and the North East telecom circles of India. The company generates the majority of its revenue from mobile telephone services provided under the Airtel brand in Rajasthan, Manipur, Mizoram, Arunachal Pradesh, Meghalaya, Nagaland and Tripura in the northeastern states.
To know more about IPOs listing, schedule and upcoming IPOs, click here