Bharti Airtel’s subsidiary Bharti Hexacom has received bids worth Rs 702.51 billion ($ 8.43 billion) in its initial public offering (IPO), outpacing its offer size of Rs 42.75 billion.
According to data from the National Stock Exchange of India, investors bid for 1.23 billion shares at a price range of Rs 542-570 per share, which was 29.88 times more than the 41.2 million shares offered.
Bharti Hexacom, 70 per cent owned by Bharti Airtel, is set for its market debut on April 12, 2024.
Furthermore, Telecommunications Consultants India Limited (TCIL) offered to sell 75 million shares, representing half of its 30 per cent stake in Bharti Hexacom. However, it did not issue fresh shares in the IPO.
