Bharti Hexacom, a subsidiary of telecom giant Bharti Airtel, has fixed the price band at Rs 542-570 per share for its initial public offering (IPO), which will open on April 3 and close on 5th.
The anchor book of the first public issue of the new financial year FY25 will be open for a day on April 2. The company aims to raise Rs 4,275 crore from the stake sale.
The Bharti Hexacom IPO comprises only an offer-for-sale (OFS) with no fresh issue component. Telecommunications Consultants India, the only public shareholder in the company, will offload 7.5 crore equity shares or 15 percent stake in the OFS.
Also Read | Bharti Hexacom to float IPO on Apr 3, Telecommunications Consultants to sell 15% stake
Bharti Hexacom offers consumer mobile services, fixed-line telephone and broadband services under the brand Airtel to customers in the Rajasthan and the North East telecommunication circles in India.
Promoter Bharti Airtel owns 70 percent stake and the remaining 30 percent shares (15 crore) are held by Telecommunications Consultants India.
The company has reserved 75 percent of the issue size for qualified institutional buyers (QIBs), 15 percent for non-institutional investors (NIIs/HNIs), and the remaining 10 percent for retail investors.
The company will finalise the basis of allotment of IPO shares by April 8, while the 7.5 crore equity shares will be credited to demat accounts of successful investors by April 10.
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Investors can trade in Bharti Hexacom IPO shares from April 12. At the upper price band, Bharti Hexacom will have a market cap of Rs 28,500 crore.
The communication solutions provider received the approval from the market regulator Securities and Exchange Board of India (Sebi) to go ahead with the public issue on March 11. SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book running lead managers to the issue, while KFin Technologies is the registrar.
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