Bharti Infratel IPO fully subscribed on Day 3
The Rs 4,500 crore IPO of Bharti Infratel (BIL), one of the largest tower infrastructure companies, has been subscribed 1.21 times so far, helped by qualified institutional buyers (QIBs).
December 13, 2012 / 22:21 IST
The Rs 4,500 crore IPO of Bharti Infratel (BIL), one of the largest tower infrastructure companies, has been subscribed 1.21 times so far, helped by qualified institutional buyers (QIBs).
The issue of 16.05 crore shares (excluding anchor portion), which closes on December 14, has received bids for 19.46 crore equity shares.The reserved portion of QIBs that closes today has been oversubscribed 2.84 times, as per data available on National Stock Exchange. Meanwhile, the non institutional and retail investors' portion subscribed just 10 percent and 6 percent, respectively.The issue comprises a fresh issue of over 14.62 crore equity shares of the company and an offer for sale of over 4.26 crore equity shares by Goldman Sachs, Anadale, Nomura and Compassvale / Temasek. The issue price is at Rs 210-240 per share.A discount of Rs 10 is being offered to retail investors. On Monday, the company received Rs 650.9 crore by allocating 2.83 crore shares at Rs 230 a share to 18 anchor investors. The company that has a pan India presence with operations in all 22 telecommunications circles intends to use issue proceeds for installation of 4,813 new towers; upgradation & replacement on existing towers; and green initiatives at tower sites.The equity shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.The book running lead managers to the issue are DSP Merrill Lynch, JP Morgan India, Standard Chartered Securities, UBS Securities India, Barclays Securities India, Deutsche Equities India, Enam Securities and Kotak Mahindra Capital Company.Also Read
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