Bharti Hexacom IPO: The initial public offering (IPO) of Bharti Hexacom, a subsidiary of telecom operator Bharti Airtel, is scheduled to commence public subscription on April 3rd.
According to the Red Herring Prospectus (RHP) filed on Friday, the three-day initial public offering (IPO) will come to a close on April 5th. Additionally, the anchor book of the offer will be open for one day on April 2nd.
In 2024–2025, this will be the first initial public offering (IPO).
The debut public offering consists entirely of an offer-for-sale of up to 7.5 crore shares, representing a 15 percent stake, by an existing shareholder, Telecommunications Consultants India Ltd.
The size of the offer-for-sale (OFS) has been decreased to 7.5 crore shares from the previously planned 10 crore equity shares.
As the IPO comprises solely an Offer for Sale (OFS), all proceeds will be directed The proceeds will go entirely to the selling shareholders, with the company not receiving any funds from the issue.
Bharti Hexacom received its observation letter from the capital markets regulator SEBI on March 11, allowing it to proceed with the public issue.
Promoter Bharti Airtel maintains a 70 percent stake, while the remaining 30 percent shareholding is held by the state-run Telecommunications Consultants India Ltd.
Bharti Hexacom offers communication solutions, catering to consumers with mobile services, fixed-line telephone, and broadband services in the Rajasthan and North East telecommunication circles of India.
As of fiscal year 2023, it stands as one of the leading global mobile operators based on the number of customers and holds the position of India’s largest integrated communications provider of solutions based on consolidated operating revenue.
Despite robust topline and operating figures, the company witnessed a significant 67.2 percent year-on-year decrease in net profit to Rs 549.2 crore for FY23. This decline was attributed to a larger base due to exceptional gains of Rs 1,951.1 crore in the previous year.
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SBI Capital Markets Ltd, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities serve as the book-running lead managers for the issue.
The company’s equity shares will be listed on both the BSE and NSE.
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