Bharti Hexacom's stock market debut exceeds expectations with 32% premium
Bharti Hexacom, a subsidiary of Bharti Airtel, made an impressive debut in the stock market today. The company's shares were listed at a premium of 32.4%, opening at ₹755 compared to the IPO price of ₹570. This performance surpassed analysts' expectations who had predicted a premium between 12-15%.
Bharti Hexacom's IPO: India's largest public issue in a year
Valued at ₹4,275 crore, Bharti Hexacom's IPO is the largest public issue India has seen in the past year. The issue received an overwhelming response from investors, with subscription figures reaching nearly 30 times its allotted quota. Qualified institutional investors led the buying spree, purchasing 48.57 times their allocation, followed by non-institutional investors and retail investors who bought 10.52 and 2.83 times their shares, respectively.
Global investors show interest in Bharti Hexacom's anchor book
Before the IPO opening, Bharti Hexacom's anchor book attracted attention from leading global investors such as Capital Group, Fidelity, Blackrock, and ADIA. Through this initiative, the company managed to raise approximately ₹1,924 crore. The public offer was available for subscription from April 3 to April 5 and was entirely an offer-for-sale of 7.5 crore shares by Telecommunications Consultants India (TCIL), the sole public shareholder in the company.
Bharti Hexacom: A key player in Rajasthan and North East
Bharti Hexacom, operational since 1995, primarily provides fixed-line telephone and broadband services in Rajasthan and the North East region. The company boasts a vast distribution network comprising numerous distributors and retail touchpoints. Serving over 27 million customers across these regions, Bharti Hexacom has established itself as a significant player in India's telecommunications sector. Bharti Hexacom reported a significant decrease in net profit for the financial year 2023. The company's net profit fell by 67.2%, amounting to ₹549.2 crore.
