Bharti Hexacom Zooms 32% on Debut; Strong Start for Airtel's Subsidiary

16 Apr 2024 , 06:54 PM

Bharti Hexacom made a strong debut on the stock exchanges, with its shares listing at ₹755 on the NSE, representing a premium of 32.46% over the issue price of ₹570. Similarly, on the BSE, the shares debuted at ₹755.20, marking a premium of 32.49%.

The initial public offering (IPO) received robust subscription numbers, with the offer being oversubscribed by 29.88 times. Qualified institutional buyers led the subscription, securing 48.57 times the allotted quota. Non-institutional investors (NIIs) followed closely, subscribing 10.52 times their allocated portion, while retail investors subscribed 2.83 times the allotted quota.

Bharti Hexacom, a subsidiary of Bharti Airtel, primarily offers fixed-line telephone and broadband services in Rajasthan and the North East region. With a customer base of 27.1 million across 486 census towns, the company operates through a wide distribution network comprising 616 distributors and 89,454 retail touchpoints.

The public offer, which opened for subscription from April 3 to April 5, comprised a ₹4,275 Crore offer-for-sale (OFS) of 7.5 crore shares. Telecommunications Consultants India, the sole public shareholder in the company, divested its 15% stake by offloading 7.5 crore equity shares through the OFS.