Vodafone Idea FPO: By the afternoon of April 22, the last day of bidding, Vodafone Idea’s follow-on public offer (FPO) has been fully subscribed 1.5 times, with investors purchasing 1,873.7 crore equity shares, according to subscription data from exchanges.
The largest offering of its kind in the country, the Rs 18,000-crore FPO, saw the third-largest telecom operator in the nation offer 1,260 crore shares. This action is a component of a bigger plan to raise Rs 45,000 crore by using both loans and equity.
Qualified institutional buyers (QIBs) have outpaced others, subscribing 2.67 times the shares reserved for them. Non-institutional investors have shown strong interest as well, purchasing 2.24 times their allotted shares. However, retail investors have been slower to participate, only taking up 49 percent of their allotted shares so far.
The telecommunications giant garnered Rs 5,400 crore from institutional investors through the anchor book, priced at the upper limit of Rs 11 per share. The offer’s price range has been set between Rs 10 and Rs 11 per share.
HDFC Mutual Fund, Copthall Mauritius Investment, Morgan Stanley, GQG Partners, Fidelity, UBS Fund Management, Redwheel Funds, Citigroup, Government Pension Fund Global, Carnelian Capital, Goldman Sachs, and Societe Generale were among the roster of anchor investors.
Vodafone Idea plans to allocate Rs 12,750 crore of the net issue proceeds toward expanding its network infrastructure. This will involve setting up new 4G and 5G sites, as well as enhancing the capacity of existing 4G sites.
Vodafone Idea shares
As of 1:53 pm, Vodafone Idea shares were trading at Rs 12.15, marking a 6 percent decrease from the previous close. Over the past three months, the shares have declined by 17 percent.
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