Bharti Hexacom initial public offering was subscribed 1.12 times on the second day of bidding on Thursday, April 4, for 4,12,50,000 shares on offer.
According to the NSE data, Bharti Hexacom received bids for 4,62,41,546 shares of which non-institutional investors (NIIs) were subscribed 1.71 times. Retail individual investors (RIIs) and qualified institutional buyers (QIBs) were subscribed 1.15 times and 0.82 times the portion reserved for them, respectively.
Bharti Hexacom aims to raise ₹4,275 crore through the issue, and the expected valuation of the company is likely to be over ₹28,500 crore.
Ahead of the IPO opening, the company raised around ₹1,924 crore from anchor investors, including Blackrock Global Funds, Pictet, Smallcap World Fund, Capital Group, American Funds, Fidelity Funds, Abu Dhabi Investment Authority, Morgan Stanley, HSBC, among others.
The IPO, which closes on April 5, is completely an offer-for-sale (OFS), without any fresh equity issue component. The company’s only public shareholder, Telecommunications Consultants India will offload 7.5 crore equity shares or a 15% stake in the OFS.
Promoter Bharti Airtel owns a 70% stake in the company and the remaining 30% stake or 15 crore equity shares, are held by Telecommunications Consultants India.
