Bharti Hexacom IPO Listing: India’s Biggest Offering in a Year Set to Make Market Debut Today – Check Details (image Source: Getty Images/ Canva)
Bharti Hexacom IPO Listing: Telecom giant Airtel-backed Bharti Hexacom Initial Public Offering (IPO) set to make its market debut today i.e. on April 12, 2024. According to a Bloomberg report the IPO has raised over 42 billion rupees and become India’s largest IPO this year.
According to the report, shareholder Telecommunications Consultants India Ltd divested 75 million shares of the company at 570 rupees per share last week, hitting the upper limit of the marketed range. The offering received bids exceeding 30 times the available shares, setting the stage for trading to commence at around 10 a.m. local time on Friday.
Bharti Hexacom’s IPO stands as the country’s largest IPO since Mankind Pharma Ltd raised 43.3 billion rupees a year ago. ‘A strong debut could potentially catalyse more significant transactions in India, which has been identified by bankers as a leading hub for first-time share sales in Asia this year,’ said Bloomberg report.
Market Dynamics and Regulatory Scrutiny
The offering could further invigorate activity in the equities market, which has predominantly seen IPOs smaller than $100 million in size over the past year. These smaller offerings elicited robust responses from retail investors and witnessed surges post-listing, prompting regulators to monitor market enthusiasm closely.
IPO Debutes And Market Performance
Over the past 12 months leading up to Wednesday, only two offerings in India surpassed the $500 million mark. According to data compiled by Bloomberg, companies debuting on the Indian stock market with IPOs larger than $500 million experienced an average first-day trading increase of 7.5 per cent. This contrasts with a 32 per cent rise for similar listings in the Asia Pacific region over the same period.
Business Profile and Lead Managers
Bharti Hexacom, a subsidiary of Bharti Airtel Ltd, specialises in providing fixed-line telephone and broadband services in two key circles in India, serving approximately 7 per cent of industry customers as outlined in the prospectus. SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are leading the sale as the primary managers.
Bharti Hexacom IPO GMP Today
According to multiple unlisted market tracking websites. Grey Market Premium(GMP) of Bharti Hexacom price ranges from Rs 90 to 125 per share.
