Vodafone Idea FPO booked over 6 times so far, check latest subscription updates
Upstox
2 min read • Updated: April 22, 2024, 4:31 PM
Summary
According to the NSE data, Vodafone Idea FPO received bids for over 6,693 crore shares compared to 1,260 crore shares on offer. The Vodafone Idea FPO is open for subscription from April 18 to April 22.
Vodafone Idea FPO saw an overwhelming response on the last day of bidding, Monday, April 22, as the follow-on public offer was subscribed more than six times.
The FPO received bids for more than 6,693 crore shares compared to 1,260 crore shares on offer, until 3:20 pm on the final day of subscription, as per the NSE data.
The retail category was booked 89% with biddings for over 559 crore shares compared to 630 crore shares on offer for the segment. The non-institutional investors’ (NIIs) category was booked 4.1 times as the investors submitted applications for 1,113 crore shares compared to 270 crore shares reserved for them.
The Qualified Institutional Buyer (QIB) category saw the highest demand as the segment was booked over 17 times with bids for over 6,321 crore shares against 360 crore shares on offer for the segment.
The ₹18,000-crore Vodafone Idea FPO is termed as the largest follow-on issue in India so far. Despite the strong response to the FPO, Vodafone Idea shares traded in the red on April 22. Opening at ₹12.40 apiece, lower than its previous close of ₹12.9, the stock reached an intraday high of ₹12.9 on the NSE. Vodafone Idea stock closed flat at ₹12.9 on the NSE.
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Anchor investors showed strong interest
Earlier, on April 16, anchor investors showed strong interest in the FPO during the pre-bid round. Led by US-based GQG Partners, both foreign and domestic investors showed enthusiasm by placing bids worth ₹5,400 crore at the cap price of ₹11 per share. The leading investors in the anchor round included GQG Partners, Motilal Oswal, Fidelity Securities, Abu Dhabi Investment Authority, UBS Fund Management, Troo Capital Ltd, Morgan Stanley, Citigroup Global Markets Mauritius and Jupiter Fund Management.
Vodafone Idea FPO details
The Vodafone Idea FPO, a book-built issue of ₹18,000 crore, consists entirely of a fresh issue of 1,636.36 crore shares. Subscriptions for the Vodafone Idea FPO opened on April 18, 2024. The telecom company has set the price band at ₹10-11 per share, offering it at a discount compared to the current trading price at the cap price.