Bharti Hexacom’s initial public offering (IPO) received 34 percent subscription on the first day of the issue on Wednesday. This is the first IPO of the new financial year 2024-25. Bharti Hexacom received bids for 1,41,08,328 shares against the offer of 4,12,50,000 shares in the initial share sale, according to National Stock Exchange (NSE) data. According to Bhasha news, the retail individual investors (RII) category got 48 percent subscription, while the non-institutional investors category got 36 percent subscription.
Price range of Rs 542-570 for IPO
According to the news, the share of qualified institutional investors (QIBs) got 29 percent subscription. Bharti Airtel unit Bharti Hexacom said it has raised about Rs 1,924 crore from anchor (major) investors on Tuesday. The company has fixed the price range of Rs 542-570 for the IPO. Bharti Hexacom’s IPO is entirely based on offer for sale (OFS). Therefore, the company will not get any part of the income from this. Currently, promoter Bharti Airtel holds 70 percent stake and the remaining 30 percent stake is with Telecom Consultants India.
How much is GMP running?
According to InvestorGain, Bharti Hexacom’s gray market premium (GMP) is running at Rs 47 per share. GMP is just an index and keeps changing as per the market conditions. In the information given by the company, it was said that the purpose of this IPO is to sell 7.5 crore equity shares through offer for sale by a shareholder and to take advantage of the stock market by getting listed on the stock exchange.
Bharti Hexcom’s company provides fixed line telephone and broadband services in Rajasthan and North-East Telecom Circle. The company has services in Rajasthan, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. The company has 2.70 crore customers.
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