On April 4, the second day of bidding for the public issue of Bharti Hexacom, investors showed promising interest by subscribing to 1.62 crore shares, equivalent to 0.40 times the total issue size of 4.12 crore shares.
Leading the charge were retail investors, who secured 0.61 times the portion reserved for them. Following closely were non-institutional investors, who subscribed to 0.46 times their allocated quota. Qualified institutional buyers (QIBs) lagged behind, with a subscription rate of only 29 percent.
The IPO, launched by Bharti Airtel’s subsidiary, commenced on April 3 and is set to conclude on April 5. The telecom giant aims to raise Rs 4,275 crore through this public offering.
Prior to the commencement of its initial public offering (IPO), Bharti Hexacom successfully raised approximately Rs 1,924 crore through its anchor book. Notable global investors such as Capital Group, Fidelity, Blackrock, and ADIA participated in this pre-IPO fundraising.
Unlike traditional IPO structures, Bharti Hexacom’s offering comprises solely an offer-for-sale (OFS) with no fresh issue component. Telecommunications Consultants India, the sole public shareholder in the company, plans to divest 7.5 crore equity shares, representing a 15 percent stake, through the OFS. Bharti Airtel, the company’s promoter, retains a 70 percent stake, while the remaining 30 percent (15 crore shares) are held by Telecommunications Consultants India.
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