Bharti Airtel’s subsidiary Bharti Hexacom has collected about Rs 19.24 billion from anchor investors a day before its initial share-sale opening for public subscription. This will be the first initial public offering (IPO) for the company in the fiscal year 2024-25.
According to Bombay Stock Exchange (BSE), Bharti Hexacom has allotted 33.7 million equity shares to 97 funds at Rs 570 apiece. At this price, the company has garnered Rs 19.237 billion from anchor investors. Small Cap World Fund Inc, BlackRock, Fidelity Funds, Wellington Management, Abu Dhabi Investment Authority, Schroder, Aberdeen, and Morgan Stanley Asia (Singapore) Pte are among the anchor investors.
Additionally, 22 mutual funds were allotted 13.9 million shares, representing 41 per cent of the total allocation. These mutual funds included SBI mutual fund (MF), HDFC MF, ICICI Prudential MF, Aditya Birla Sun Life MF, Sundaram MF, Axis MF, Kotak MF and UTI MF.
Furthermore, IPO with a price band of Rs 542 to Rs 570 per share will be open for public subscription on April 3, 2024 and conclude on April 5, 2024.
At the upper end of the price band, the IPO size will be Rs 42.75 billion. About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
