Vodafone Idea FPO Surges 9 pc on BSE (Image Source: iStockphoto)
Vodafone Idea‘s FPO debut saw a promising start on the NSE, opening at Rs 11.80 per share, a robust 7.27 per cent above its issue price of Rs 11.
Meanwhile, on the BSE, the opening price stood at Rs 12, marking a significant 9 per cent increase from the issue price.
However, Wednesday’s trading session witnessed a dip, with Vodafone Idea closing at Rs 13.10 per share on the NSE, a 9.03 per cent decrease.
With a staggering book built issue of Rs 18,000 crores, the offering comprised entirely of fresh shares amounting to 1636.36 crore.
The bidding of Vodafone Idea FPO commenced on April 18, 2024, and concluded on April 22, 2024, the bidding phase witnessed robust participation from investors across the board. The allotment was finalised on Tuesday, April 23, 2024.
The FPO’s price band was set at Rs 10 to Rs 11 per share, offered investors a strategic range to participate in the offering. With a minimum lot size of 1298 shares, retail investors found ample opportunity to engage with the offering, while sophisticated investors had tailored lot sizes to match their investment strategies.
Vodafone Idea’s strategic allocation of the net proceeds reflects its commitment to fortifying its market position and enhancing its service offerings. The funds earmarked for network infrastructure expansion, spectrum payments to the Department of Telecommunications (DoT), and general corporate purposes underscore the company’s forward-looking vision.
As of December 31, 2023, Vodafone Idea boasted a subscriber base exceeding 223 million, solidifying its stature as a leading telecom service provider in India. The company’s expansive network, spanning 2G, 3G, and 4G technologies, coupled with its foray into digital services, positions it as a formidable player in the dynamic telecom landscape.
