Bharti Hexacom: On April 12, Bharti Hexacom’s shares marked a notable entry into the market, debuting with a 32.4 percent premium at Rs 755, compared to the IPO price of Rs 570. This exceeded analysts’ expectations of a 12-15 percent premium.
Bharti Hexacom’s Rs 4,275-crore IPO, which stands as India’s largest public issue in the past year, witnessed impressive subscription figures, reaching nearly 30 times its allotted quota. Qualified institutional investors took the lead, subscribing 48.57 times their allocation. Non-institutional investors closely followed suit, subscribing to 10.52 times their allocated portion. while retail investors displayed significant interest by subscribing to 2.83 times the reserved portion.
Bharti Hexacom’s anchor book attracted major global investors like Capital Group, Fidelity, Blackrock, and ADIA before the IPO opening. The Airtel subsidiary successfully raised approximately Rs 1,924 crore through its anchor book. -Bharti Hexacom
The public offer for subscription began on April 3 and wrapped up on April 5. It comprised solely of an offer-for-sale of 7.5 crore shares, through which Telecommunications Consultants India, the sole public shareholder in the company, divested its shares.
Founded in 1995, the company specializes in providing fixed-line telephone and broadband services, primarily catering to regions in Rajasthan and the North East. With a distribution network comprising 616 distributors and 89,454 retail touchpoints, it serves a vast customer base of 27.1 million people in 486 census townships.
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In the fiscal year FY23, the company witnessed a notable 67.2 percent year-on-year decrease in net profit, amounting to Rs 549.2 crore.
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