Shares of Bharti Hexacom made an impressive debut on April 12, listing with 32.4 percent premium at Rs 755, as against the IPO price of Rs 570. The listing gains beat analyst estimate of 12-15 percent premium.
Bharti Hexacom's Rs 4,275-crore IPO -- India's biggest public issue in one year -- had garnered robust subscription figures at nearly 30 times its allotted quota. Qualified institutional investors led the pack, subscribing 48.57 times their allocation. Non-institutional investors followed closely, buying 10.52 times their portion, while retail investors showed strong interest by subscribing 2.83 times the reserved portion.
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Bharti Hexacom's anchor book shows top global investors such as Capital Group, Fidelity, Blackrock, and ADIA participating ahead of the opening of the IPO. The Airtel subsidiary raised around Rs 1,924 crore through its anchor book.
The public offer opened for subscription on April 3 and closed on April 5. The offer was entirely an offer-for-sale of 7.5 crore shares by which Telecommunications Consultants India, the only public shareholder in the company offloaded shares.
Established in 1995, the company offers fixed-line telephone and broadband services primarily in Rajasthan and in the North East. It serves 27.1 million customers across 486 census towns through a distribution network of 616 distributors and 89,454 retail touchpoints.
The company experienced a 67.2 percent year-on-year decline in net profit, amounting to Rs 549.2 crore for the fiscal year FY23.
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