Bharti Hexacom IPO subscribed nearly 30 times on last day on strong demand from QIBs, all eyes on listing day
Upstox
3 min read • Updated: April 5, 2024, 7:19 PM
Summary
The high subscription was primarily led by qualified institutional buyers (QIBs). The QIBs placed bids for 109.29 crore equity shares against 2.25 crore enquiry shares reserved for them. Bharti Hexacom IPO was open for subscription from April 3 to April 5.
Bharti Hexacom IPO was subscribed nearly 30 times on the final day of bidding on Friday, April 5, following a strong response from qualified institutional investors (QIBs).
According to the NSE data, Bharti Hexacom IPO received bids for more than 123.24 crore equity shares against 4.12 crore equity shares on offer. The high subscription was primarily led by the qualified institutional buyers. The QIBs placed bids for 109.29 crore equity shares against 2.25 crore enquiry shares reserved for them.
The majority of bids from QIBs dropped in on the final day of bidding on Friday. The QIB portion was subscribed to around 82% till the second day and just 29% on Day 1.
On the final day, retail individual investors placed applications for over 2.12 crore shares against 75 lakh shares on offer. Retail investors’ portion was booked 2.83 times. Non-institutional investors placed bids for 11.83 crore equity shares against 37.5 lakh shares on offer. The NII portion was booked more than 10 times.
The first IPO of the financial year 2024-25 was booked just 35% on Day 1 and around 1.12 times on Day 2 following bids from non-institutional and retail investors.
Bharti Hexacom IPO allotment status, listing and other key details
The Bharti Hexacom IPO was an entirely Offer for Sale of 7.5 crore shares. Bharti Airtel holds a 70% shareholding in Bharti Hexacom while the remaining 30% is held by state-run Telecommunications Consultants India Ltd.
TCIL offered 15% of its stake, or 7.5 crore equity shares, through the IPO. The entire proceeds of the OFS will go to TCIL while there will be no stake dilution of Bharti Airtel in the company.
After the successful IPO, Bharti Hexacom is expected to announce the share allotment on April 8. Investors can check the Bharti Hexacom IPO share allotment status on BSE and NSE websites. Allotment status can be checked on the website of IPO registrar Kfin Technologies Limited. The company is expected to list its shares on NSE and BSE on April 12.
The IPO opened for subscription on April 3 on both the National Stock Exchange and BSE. The company fixed the price band at ₹542-570 per share. The minimum lot size was 26 shares. The minimum investment amount for retail investors is ₹14,820.
Bharti Hexacom offers consumer mobile services, fixed-line telephone and broadband services in Rajasthan and North East telecom circles in India.
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