Bharti Hexacom To Open IPO For Subscription On April 3

The anchor book of the offer will start for a day on April 2, the company’s red herring prospectus (RHP) revealed. This will mark the first public offering in the 2024-25 fiscal year

The firm’s shares will be listed on the BSE and NSE

Source : Getty

Bharti Airtel’s subsidiary, Bharti Hexacom, will open its initial public offering for subscription on April 3, 2024. The telecom operator’s subsidiary will open its maiden public offering for bidding for three days, closing on April 5, 2024.

The anchor book of the offer will start for a day on April 2, the company’s red herring prospectus (RHP) revealed earlier, reported PTI. This will mark the first public offering in the 2024-25 fiscal year. 

The issue will include an offer-for-sale (OFS) of up to 7.5 crore shares, indicating a 15 per cent stake by Telecommunications Consultants India Ltd, an existing shareholder. The offer size of the firm’s issue has been decreased to 7.5 crore from the earlier planned issue of 10 crore equity shares. The proceeds from the issue will not be utilised by the firm and will be going towards selling shareholders.

The Securities and Exchange Board of India provided an observation letter to the firm on March 11, 2024, to float the issue. The firm’s ownership is divided in Bharti Airtel, which controls a 70 per cent share, and Telecommunications Consultants India Ltd, which owns the remaining 30 per cent stake. 

The company reported strong topline figures, however, it posted a 67.2 per cent fall in its net profit at Rs 549.2 crore in FY23, on an annual basis. The firm attributed this to a larger base due to exceptional gains of Rs 1,951.1 crore in the preceding year.

The firm’s shares will be listed on the BSE and NSE. SBI Capital Markets Ltd, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book-running lead managers of the public issue.

Bharti Hexacon is a communications solutions provider and distributes mobile services, telephone and broadband services to customers across Rajasthan and the North East region in the country.