Bharti Hexacom, a leading provider of fixed-line telephone and broadband services in India, has launched its IPO. The ₹4,275 crore IPO is entirely an offer for sale (OFS) of 7.5 crore shares. The price band for the Bharti Hexacom IPO is set at ₹542 to ₹570 per share, with a minimum lot size of 26 shares. The minimum investment required by retail investors is ₹14,820.

Bharti Hexacom IPO Subscription Status

The Bharti Hexacom IPO is off to a slow start. As of 10:45 on day 1 of bidding, the Bharti Hexacom IPO was subscribed 0.01 times. The retail portion was subscribed 0.04 times whereas the Non-Institutional Investor portion was subscribed 0.01 times.

The Bharti Hexacom IPO opened for subscription on April 3, 2024, and is scheduled to close on April 5, 2024. The IPO has been structured to ensure broad participation across investor categories, with 30% of the shares reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors and 10% for Retail Investors. The remaining 45% of the shares are allocated to anchor investors.

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Bharti Hexacom IPO GMP

The Bharti Hexacom IPO GMP is currently reported at ₹52. Based on the upper end of the IPO price band, the shares are expected to list at ₹622, indicating a premium of 9.12% on the listing. However, it’s important to note that while GMPs can provide some insight into market sentiment, they should not be considered as the sole indicator of a stock’s performance upon listing.

Bharti Hexacom IPO Details

The Bharti Hexacom IPO is a book-built issue, with the company planning to use the net proceeds from the offering for prepayment or scheduled repayment of existing borrowings, financing working capital requirements, and addressing general corporate purposes.

The company has successfully secured ₹180 crores from anchor investors prior to the IPO launch. The shares of the company are tentatively scheduled to be listed on both the BSE and NSE, on Friday, April 12, 2024.

About Bharti Hexacom

Established in 1995, Bharti Hexacom provides fixed-line telephone and broadband services to customers in Rajasthan and North East telecom circles in India. The company has invested ₹206 billion in digital infrastructure capital expenditures to be future-ready. As of December 31, 2023, the company has 27.1 million customers across 486 census towns, with a distribution network of 616 distributors and 89,454 retail touchpoints.

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