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- By Aditya Pratap Singh
- Fri, 12 Apr 2024 10:57 AM (IST)
- Source:JND
Bharati Hexacom Shares Listing: Shares of Bharti Hexacom made a strong debut on the stock exchanges. On the NSE, Bharti Hexacom's share price opened at Rs 755 per share, 32.5% higher than the issue price of Rs 570. On BSE, the share price of Bharti Hexacom opened at Rs 755.20 today.
Bharti Hexacom shares were expected to be listed in the range of Rs 650-660 per share.
During the three-day subscription period, which was from April 3-5, investors responded well to Bharti Hexacom IPO, a subsidiary of Bharti Airtel. Qualified institutional buyers (QIBs) emerged as the star performers with subscriptions of 48.57 times the issue size on the last day. Retail investors also showed good demand (2.83 times subscription), but non-institutional investors (NIIs) responded strongly (10.52 times subscription). According to BSE data, the total subscription position of Bharti Hexacom IPO on the third day was 29.88 times.
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The offer was reserved 75% for QIBs, 15% for NII, and 10% of the offer for retail investors.
Bharti Hexacom is a communications solutions company serving telecom circles in north-east India, including the states of Rajasthan and Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. It also provides broadband services in addition to fixed-line phone service. The company sells its services under the Airtel brand name.
According to the company's red herring prospectus, the Bharti Hexacom IPO does not involve any fresh issue of shares and is exclusively an offer for sale (OFS). The sole selling stakeholder of the company, Telecom Consultants India, intends to sell 7.5 crore equity shares or 15% of the OFS.