For stock market investors, the upcoming week is set to be quite interesting. The interest will stem from Bharti Hexacom IPO. Apart from the fact that it is a unit of one of the biggest telecom companies in India, Bharti Airtel, the spotlight on Bharti Hexacom IPO is also there simply because it is the first public issue of the new fiscal – 2024-25. It may well hold some clues as to how the rest of the year might pan out. Bharti Hexacom IPO subscription was recorded at 29.88 times, but only after getting an overwhelming response on the final day of bidding, which was Friday, but not from retail investors.
Bharti Hexacom IPO allotment, GMP and listing date
The listing date may well be on April 10 going by the rules as the last day for subscription was Friday, followed by the weekend. However, the thing that most investors would have their eyes on is the Bharti Hexacom IPO allotment date. That is expected to happen on April 8. One more important thing that investors would be eyeing is Bharti Hexacom IPO GMP. That has been reported at Rs. 62 on April 6, by a Live Mint report.
Bharti Hexacom IPO by the numbers
NSE data indicated that Bharti Hexacom IPO received bids for 1,23,24,83,460 shares. The shares on offer were 4,12,50,000. The price band was fixed at Rs. 542-570 per share.
About 75 per cent of the Bharti Hexacom issue size was reserved for Qualified Institutional Buyers (QIBs), 15 per cent for non-institutional investors and 10 per cent was reserved for retail investors.
Bharti Airtel stake in Bharti Hexacom
Bharti Hexacom IPO worth ₹4,275 crore is entirely an offer of sale (OFS) of 7.5 crore equity shares. This is a 15 per cent stake sale by Telecommunications Consultants India and does not include any fresh issue. As such, Bharti Hexacom IPO proceeds will not go to the company. TCI holds a total of 30 percent stake. Currently, Bharti Airtel has a 70 per cent stake.
Who got what
Notably, there was a lot of attention from the Qualified Institutional Buyers (QIBs). This portion of the share sale received 48.57 times subscription, while the non-institutional investors portion received 10.52 times subscription. The Retail Individual Investors (RIIs) portion received subscription of 2.83 times.
Earlier, it was revealed that the anchor investors portion of Bharti Hexacom share sale collected about ₹1,924 crore.
What Bharti Hexacom does
This Airtel unit operates in Rajasthan and the Northeast and offers telecommunication services.
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