• Source:JND
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Vodafone-Idea FPO Listing:  Vodafone Idea's FPO shares opened at Rs 11.80 per share, 7.27 percent higher than the issue price of Rs 11 on the NSE. The stock of India's third telecom company closed at Rs 13.10 per share, down 9.03 percent on Wednesday. Today, at around 11:18 am, the stock was trading at Rs 13.45 up by 2.67 percent on NSE. 

The Follow-On Public Offering (FPO) of Vodafone Idea, the third-largest telecom provider in the country, started accepting subscriptions on Thursday, April 18, and closed on Monday, April 22. The company finalised the offer price per share at Rs 11, which is the upper end of the price band of Rs 10-11.

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Vodafone Idea's FPO, which is India's largest-ever FPO, raised Rs 18,000 crore. Institutional investors had shown strong interest in the issue as the quota reserved for them subscribed almost seven times. Non-institutional investors bid 4.54 times higher than the shares reserved for them, while the qualified institutional section received a bid 19.31 times against the total reserved shares under the quota. The majority of the shares were offered to retail investors, which saw a low interest as it was subscribed slightly more than the allotted shares.

According to exchange data, overall, the company's FPO was subscribed 6.36 times by April 22, the last day of bidding, with investors bidding for 8,011.8 crore equity shares.

The quota reserved for qualified institutional buyers was subscribed 17.56 times more than the portion reserved for them, while the retail portion was fully subscribed. Vodafone Idea will use Rs 12,750 crore of the net issuance will be used to expand its network infrastructure by creating new 4G and 5G sites and expanding the capacity of existing 4G sites.

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