Bharti Airtel Ltd. has started the first steps of its subsidiary Bharti Hexacom’s initial public offering (IPO), as individuals familiar with the situation informed CNBC-TV18. For the Bharti Group, if the IPO process goes through, it would be a huge milestone since it would be its first public offering in more than ten years.
In 2012, Bharti Infratel—now known as Indus Towers—went public, marking the Bharti Group’s most recent initial public offering.
Additionally, sources informed CNBC-TV 18 that Bharti Hexacom is expected to be valued at ₹20,000 crore, and that the company would conclude the listing process by the beginning of 2024.
The sources informed CNBC-TV18 that Bharti Airtel has already chosen investment bankers Axis Capital, SBI Cap, IIFL, and ICICI Securities to lead the IPO process.
Bharti Hexacom is a wholly owned subsidiary of Bharti Airtel, which owns 70% of the business, with the Indian government controlling the other 30% through Telecommunication Consultants of India Limited (TCIL), according to material on the company’s website.
As to a CNBC-TV18 news report, the objective of the IPO is to facilitate TCIL’s partial or whole withdrawal.
Bharti Hexacom is a telecommunications company that serves the Rajasthani and North East Circle regions. The firm provides the widest range of mobile phone services in Rajasthan and Northeastern India. In Rajasthan, India, the firm also provides fixed line and internet services.
According to the news report, a Bharti Airtel representative stated that the business frequently explores other methods of obtaining cash, including but not limited to tapping the capital markets, in answer to a query from CNBC-TV18.
As mandated under relevant legislation, the corporation will issue any necessary statements, the spokeswoman said CNBC-TV18.
