Vodafone Idea shares in focus as FPO subscription closes today, stock drops 5%
Upstox
2 min read • Updated: April 22, 2024, 11:03 AM
Summary
Vodafone Idea FPO: Since the launch of India’s largest follow-on public offer by Vodafone Idea on April 18, the stock has tanked more than 7%. The telecom stock is trading 33% lower from its 52-week high levels hit on February 23, 2024.
Vodafone Idea FPO latest updates: Vodafone Idea shares remain in focus as the bidding for the telecom services provider’s ₹18,000-crore follow-on public offer (FPO) on Monday. Shares of the telco dropped more than 5% in morning trade on April 22, the last day of Vodafone Idea FPO subscription.
Vodafone Idea shares opened on a weak note at ₹12.40 per share. The stock fell further to hit a low of ₹12.20 per share on NSE, showing a loss of 5.42% over the previous close.
Around 28 crore shares of the company changed hands on the NSE in morning deals. Traded volume stood at ₹345 crore.
Since the launch of India’s largest follow-on public offer by Vodafone Idea on April 18, the stock has tanked more than 7%. The telecom stock is trading 33% lower from its 52-week high levels hit on February 23, 2024.
Vodafone Idea FPO closes on Monday
The ₹18,000 crore Vodafone Idea FPO is closing on Monday. The issue has been subcribed around 49% in the first two days of bidding so far. The FPO has attracted most bids from qualified institutional players and non-institutional investors. Retail investors have shown a muted response to the follow-on-public offer.
According to exchange data, the FPO was subscribed 49% until the end of the second day of bidding. The FPO, which is the largest further issue in India so far, has received a good response from qualified institutional buyers and non-institutional investors.
Total bids for 617.46 crore equity shares have been received so far against 1,260 crore equity shares on offer. The qualified institutional buyers’ portion has been subscribed around 95%. Applications for 335.58 crore equity shares were received against 360 crore shares on offer. Non-institutional investors’ category has been subscribed 75% so far. Bids for 202.57 crore equity shares were received against 270 crore equity shares on offer.
Retail investors’ portion has been subscribed just 13% so far. Bids for 79.3 crore shares were received against 630 crore equity shares on offer in two days.
The telco has fixed the band at ₹10-11 per share, which is at a discount to the current trading price. The FPO comprises a fresh issue of 1,636.36 crore equity shares.
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