Stocks are on uptick
BBN Bureau
Mumbai: Giving smart returns to investors of Bharti Hexacom IPO, the stocks listed on stock exchanges on April 12 with a 32.4 per cent premium at Rs755 against the issue price was Rs570.
At 10.40 the stocks are trading at Rs810.40 on NSE
Investors welcomed vigorously the Rs4275-crore IPO, country’s biggest public issue in one year, by subscribing the issue at nearly 30 times its allotted quota. Qualified institutional investors led the pack, subscribing 48.57 times their allocation.
Non-institutional investors followed closely, buying 10.52 times their portion, while retail investors showed strong interest by subscribing 2.83 times the reserved portion.
The global investors such as Capital Group, Fidelity, Blackrock, and ADIA were the anchor investors of the issue and participated ahead of opening the IPO.
The Airtel subsidiary raised around Rs.1,924 crore through the anchor investors.
The public offer opened for subscription on April 3 and closed on April 5. The offer was entirely an offer-for-sale of 7.5 crore shares by which Telecommunications Consultants India, the only public shareholder in the company offloaded shares.
Established in 1995, the company offers fixed-line telephone and broadband services primarily in Rajasthan and in the North East. It serves 27.1 million customers across 486 census towns through a distribution network of 616 distributors and 89,454 retail touchpoints.
