2024-03-26 12:18:01
Mumbai: Now only a few days are left for the new financial year to start. The IPO of Bharti Airtel’s subsidiary Bharti Hexacom is coming in the first week of the new financial year. Investors will be able to bid in this IPO from next April 3. In this, bidding can be done till April 5, 2024. Its price band has been fixed between Rs 542 to Rs 570.
Preparation to raise Rs 4275 crore
There is a preparation to sell shares in Bharti Hexacom’s IPO only through Offer For Sale. Not a single new shares are being offered in this IPO. Public sector company Telecommunications Consultants India Limited (TCIL) is selling 7.5 crore shares or 15 percent stake through offer for sale. It is noteworthy that Sunil Bharti Mittal’s Bharti Airtel. Bharti Hexacom holds 70 percent stake while TCIL holds 30 percent stake in the company.
When can you bid?
Bharti Hexacom’s IPO will be open for applications from 3rd to 5th April. The allotment in the IPO is expected to be done by April 8 while its listing on NSE and BSE is expected by April 12. A lot of 26 shares has been fixed in this IPO. This means that investors will have to bid for at least 26 shares, for which they will have to pay Rs 14820. On top of this, retail investors will have to bid in multiples of 26 shares.
what does the company do
Bharti Hexacom provides mobile services in Rajasthan and North-Eastern states. The average revenue per user of the company has been Rs 195 for the half year ending September 2023. The company had a total of 2.91 crore mobile customers as of September 2023. The company’s revenue for the half year ending September 2023 has been Rs 3420 crore, which was Rs 3167 crore in the same period a year ago.
Who is its book running lead manager?
SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities and IIFL Securities have been appointed as book-running lead managers in the book building process of this IPO. Kfin Technologies is the registrar of the IPO. What is the gray market price?
The gray market price of Bharti Hexacom IPO is not encouraging right now. Its price is being quoted at Rs 605 in the gray market on 26 March 2024. If this share is alloted at Rs 570, then at present the gray market premium is only Rs 35. That means an increase of only 6.14 percent.