Bharti Hexacom IPO subscribed 30 times on final day. Check latest GMP
The initial public offering (IPO) of Bharti Hexacom Limited closed on Friday, with an overall subscription of nearly 30 times.
The IPO of the communication solutions provider opened for subscription on April 3, 2024, and received good attention from investors during the three days it was available for public issue.
The IPO has been subscribed 29.88 times as of the latest update on its last day. The retail category saw 2.83 times subscription. It was subscribed 48.57 times by Qualified Institutional Buyers (QIB) and 10.52 times by Non-Institutional Investors (NII).
The price range for the IPO was set at Rs 542 to Rs 570 per share, with a minimum bid for at least 26 shares and in multiples of 26 shares thereafter.
The shares of Bharti Hexacom will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The allotment of shares is expected by April 8, 2024, and will list on April 12, 2024.
SBI Capital Markets Limited, Axis Capital Limited, BOB Capital Markets Limited, ICICI Securities Limited, and IIFL Securities Limited are managing the IPO as book running lead managers, while Kfin Technologies Limited is the registrar for the issue.
Latest GMP for Bharti Hexacom
The Grey Market Premium (GMP) for Bharti Hexacom’s IPO stands at Rs 71, as of April 5, 2024.
Based on this, the estimated listing price for the shares is expected to be Rs 641, which is 12.46% higher than the upper price band of Rs 570.
Established in 1995, Bharti Hexacom offers fixed-line telephone and broadband services mainly in Rajasthan and the North East telecom circles. As of December 31, 2023, the company has invested Rs 206 billion in digital infrastructure and serves a customer base of 27.1 million across 486 census towns.
The market capitalisation of Bharti Hexacom was Rs 28,500 crore as of December 31, 2023.