The first IPO of the new financial year 2024-25 received 29.88 times subscription on the third and last day on Friday. According to National Stock Exchange (NSE) data, Bharti Hexacom received bids for 1,23,24,83,460 shares against the offer of 4,12,50,000 shares in the initial share sale. According to Bhasha news, the retail individual investors (RII) category received 2.83 times subscription, while the non-institutional investors category received 10.52 times subscription. At the same time, the portion of qualified institutional investors (QIB) got subscription 48.57 times.
Raised around Rs 1,924 crore from big investors
According to the news, Bharti Hexacom, a unit of Bharti Airtel, had raised about Rs 1,924 crore from big investors on Tuesday before the opening of the IPO. The company had fixed the price range of Rs 542-570 for the IPO. Bharti Hexacom’s IPO is entirely based on offer for sale (OFS). In such a situation, the company will not get any part of the income from this. At present, promoter Bharti Airtel holds 70 percent stake and the remaining 30 percent stake is with Telecom Consultants India. In a flat market on Friday, Bharti Hexacom IPO received steady membership or subscription for the third day.
how much reserve for whom
A minimum of 75% of the offer is reserved for QIBs, a maximum of 15% of the offer is reserved for NII, and a maximum of 10% of the offer is reserved for retail investors. Telecom company Bharti Hexcom provides fixed line telephone and broadband services in Rajasthan and North-East telecom circles. The company has services in Rajasthan, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. Bharti Hexcom has 2.70 crore customers. The objective of the IPO is to sell 7.5 crore equity shares through an offer for sale by a shareholder and take advantage of the stock market by getting listed on the stock exchange.
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