Bharti Airtel has initiated the preliminary stages of the initial public offering (IPO) for its subsidiary, Bharti Hexacom. Airtel owns a 70 per cent stake in the company, while the government owns the remaining 30 per cent through Telecommunications Consultants of India Limited (TCIL).
According to industry sources, the aim of the IPO is to provide a partial or complete exit for TCIL. The government expects to fetch around Rs 100 billion from a potential sale of its 30 per cent stake in Bharti Hexacom. Meanwhile, Airtel is likely to retain its 70 per cent stake in the company.
Bharti Hexacom’s valuation is expected to stand at Rs 300 billion. Airtel has appointed investment bankers including Axis Capital, SBI Cap, India Infoline Limited (IIFL), and ICICI Securities to start the IPO process. The listing process is anticipated to be finished by early 2024.
