Bharti Infratel ends near retail IPO price after flop debut
Bharti Infratel, one of the largest telecom tower infrastructure services providers, gained for all sessions this week, especially after seeing a drop of 13 percent on last Friday, a listing day.
Today the stock has touched an intraday high of Rs 210, at which the company offered IPO shares to retail investors. It has been rallied 10 percent in five consecutive sessions from closing value of Rs 191.20 on last Friday to Rs 210 today.
The recovery has been seen after the news that it will be included in the FTSE Global Equity Indices starting January 7, 2013.
Bharti Infratel said the stock would be added to FTSE All-World Index (Large Cap) with a investability weighting of 9% and would also be added to FTSE All-Emerging Index.
At 15:30 hours IST, the stock rose 1.37 percent to close at Rs 207.10 on the Bombay Stock Exchange.
The company raised more than Rs 4,100 crore through public offer that received muted response from retail and HNIs. The issue was subscribed majorly by qualified institutional investors. The company had allotted shares to retail investors at Rs 210 per share and other investors at Rs 220 per share while shares were allotted at Rs 230 to anchor investors.