Bharti Hexacom IPO: Shares To Make Market Debut Tomorrow

Bharti Hexacom IPO garnered massive investor interest, with subscription rates reaching a remarkable 29.88 times by the deadline on April 5

Bharti Hexacom IPO

Bharti Hexacom, a subsidiary of Bharti Airtel, is poised to enter the stock market on Friday, April 12, 2024, following the closure of its initial public offering (IPO) last week. The IPO garnered massive investor interest, with subscription rates reaching a remarkable 29.88 times by the deadline on April 5, highlighting the market's enthusiasm for the telecom arm.

In accordance with a notice from the BSE dated April 10, trading of Bharti Hexacom Limited's equity shares will commence on Friday, marking the company's official listing in the 'B' group of securities.

The issue price for the public offering stands at Rs 570 per share, as detailed in the exchange's notice. In observance of Eid-Ul-Fitr, stock markets were closed on Thursday. This IPO marks the maiden public offering of the fiscal year 2024-25.

During the subscription period from April 3 to April 5, the company's Rs 4,275-crore initial share-sale received overwhelming response from investors. The price band for the IPO was set between Rs 542 and Rs 570 per share.

It's worth noting that Bharti Hexacom's IPO solely comprised an offer-for-sale (OFS) of 7.5 crore equity shares, equating to a 15 per cent stake, with no fresh issue component.

Despite reporting robust revenue figures, the company disclosed a notable 67.2 per cent decline in net profit to Rs 549.2 crore for the fiscal year 2022-23. This decrease was primarily attributed to a larger base in the previous year, which included exceptional gains totaling Rs 1,951.1 crore.

Bharti Hexacom operates as a telecommunications service provider in the regions of Rajasthan and the Northeast, solidifying its position within the industry.

This IPO marks Bharti Group's return to the public markets since its last IPO of Bharti Infratel, now known as Indus Towers, back in 2012.