Bharti Infratel’s Rs 45 billion initial public offer (IPO) was subscribed 15 per cent on the opening day, says news reports.
The qualified institutional buyers’ category was subscribed 13 per cent while the shares for retail investors were subscribed 1 per cent. The telecom tower company’s initial IPO attracted bids for 24.5 billion shares against 188.9 million equity shares on offer.
The issue comprising 188.9 million equity shares was opened for subscription for retail investors on December 11, 2012 in the price band of Rs 210-240 per share. The issue will close on December 14, 2012. The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
At the upper end of the price band, the company plans to raise about Rs 43.5 billion and Rs 39.66 billion at the lower end of the band. The company plans to use the proceeds from the IPO to fund its expansion and future acquisitions.
The joint book running lead managers for the IPO are DSP Merrill Lynch, JP Morgan India, Standard Chartered Securities (India) and UBS Securities India.
The issue’s lead managers are Barclays Securities (India), Deutsche Equities India, Enam Securities, HSBC Securities and Capital Markets (India) and Kotak Mahindra Capital Company.
The co-book running lead managers to the issue are BNP Paribas, DBS Bank, HDFC Bank and ICICI Securities.
