Bharti Hexacom IPO subscription day 2: Issue booked 56%, check latest update

Bharti Hexacom Ltd IPO continues to see a lukewarm response from investors on the second day of subscription. The initial public offer (IPO) of the telecom giant Bharti Airtel subsidiary has been booked only a little over 50% so far.

The ₹4,275-crore IPO received bids for over 2.32 crore shares as against 4.12 crore shares on offer for the public investors on day 2, the NSE data until 2:15 pm showed.

Bharti Hexacom IPO subscription window is open from April 3 to April 5.

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The qualified institutional buyers (QIBs) category saw a subscription of 29% with bids for more than 65.48 lakh shares compared to 2.25 crore shares set aside for the category. The non-institutional investors’ (NIIs) portion was booked 89% as the investors placed bids for over 1.01 crore shares against more than 1.12 crore shares reserved for them. The retail portion received applications for more than 63.48 lakh shares against 75 lakh shares on offer for the segment, showing a subscription of 85%.

Bharti Hexacom IPO price band, issue size, allotment and listing

The Bharti Hexacom IPO is a book-built issue comprising an entirely offer-for-sale (OFS) of 7.5 crore shares. Bharti Hexacom IPO price band has been fixed in a range of ₹542 and ₹570 per share. The public investors can bid for a minimum of 26 shares, amounting to a minimum investment of ₹14,820. The maximum application size for retail investors is capped at 13 lots, equating to 338 shares, with an investment of ₹1,92,660.

After the end of the subscription period on April 5, Bharti Hexacom IPO share allotment status is expected to be finalised on April 8. Subsequently, the initiation of refunds and the credit of shares to the Demat accounts will take place on April 10.

Shares of Bharti Hexacom are tentatively scheduled to be listed on both the BSE and NSE on April 12.

SBI Capital Markets Limited, Axis Capital Limited, Bob Capital Markets Limited, ICICI Securities Limited and IIFL Securities Ltd are serving as the book running lead managers for the Bharti Hexacom IPO, while KFin Technologies Limited is the registrar for the issue.

About Bharti Hexacom Limited

Bharti Hexacom Limited, a telecom company, provides mobile, landline and broadband services, primarily to Rajasthan and North East telecom circles. Bharti Airtel holds a 70% stake and TCIL owns the remaining 30% in the company.

Its core revenue stream is derived from mobile telephone services, largely operating under the Airtel brand.

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