Vodafone Idea sees record trading volume after listing of FPO shares at 7% premium
Upstox
2 min read • Updated: April 25, 2024, 4:48 PM
Summary
Data on the National Stock Exchange of India (NSE) website showed that over 400 crore shares of Vodafone Idea were traded on April 25. This could be one of the highest trading volumes ever seen by a stock in a single session in India.
Telecom major Vodafone Idea Ltd saw record trading volumes on Thursday, April 25, after fresh shares of the company issued through the follow-on public offer (FPO) got listed at a premium.
Data on the National Stock Exchange of India (NSE) website showed that over 400 crore shares of Vodafone Idea were traded on April 25. This could be one of the highest trading volumes ever seen by a stock in a single session in India.
Notably, in the previous session, over 163 crore shares of Vodafone Idea had changed hands on NSE.
The trading frenzy led to a sharp spike in the Vodafone Idea share price. The stock closed at ₹13.8 apiece on the NSE, up 5.3% from its previous close and over 25% higher than its FPO price of ₹11.
Earlier in the day, fresh shares of Vodafone Idea had listed at over 7% premium on NSE. The stock had opened the session at ₹11.80, up 7.2% from their FPO price.
On BSE, the fresh Vodafone Idea shares opened the session at ₹12, gaining over 9% from the issue price.
The Vodafone Idea share price has more than doubled in the past one year, but has fallen nearly 21% year-to-date in 2024.
Earlier this week, Vodafone Idea had informed exchanges that its capital-raising committee, at its meeting held on April 23, approved the allotment of over 1,636 crore equity shares of face value of ₹10 each at the offer price of ₹11 apiece, aggregating to almost ₹18,000 crore.
Pursuant to the allotment of equity shares in the offer, the paid-up equity share capital of Vodafone Idea stands increased from around ₹50,120 crore to almost ₹66,483 crore.
The Vodafone Idea FPO, which was open for subscription from April 18 to April 22, was oversubscribed by 6.36 times.
The FPO has been one of biggest follow-on offers in India. It was a 100% book-built issue consisting of a fresh issuance of 1,636.36 crore shares. The price band was set in the range of ₹10-11 per share and retail investors were allowed to submit bids with a minimum lot size of 1,298 shares.