Bharti Hexacom sets IPO price band at Rs 542-570/share

Bharti Hexacom, a subsidiary of Bharti Airtel, has announced an IPO with a price band of Rs 542 to Rs 570 per share, aiming to raise Rs 4,275 crore. The IPO will open for public subscription from April 3-5, with 15% stake by Telecommunications Consultants India Ltd. The company offers services in Rajasthan and the North East.

Bharti Airtel's arm Bharti Hexacom on Tuesday said it has fixed a price band of Rs 542 to Rs 570 per share for its Rs 4,275-crore initial public offering (IPO).

The initial share-sale of the telecom operator's arm will be open for public subscription during April 3-5, and the bidding for anchor investors will open for a day on April 2, the company said in a public notice.

This will mark the first public offering in the 2024-25 fiscal year.

The company's IPO is entirely an offer-for-sale (OFS) of 7.5 crore equity shares, indicating a 15 per cent stake by Telecommunications Consultants India Ltd, with no fresh issue component.

Since it is an offer-for-sale or OFS, Bharti Hexacom will not receive any proceeds from the IPO.

At present, promoter Bharti Airtel holds 70 per cent stake and the remaining 30 per cent stake is owned by Telecommunications Consultants India.

Bharti Hexacom provides telecommunication services in Rajasthan and the North East.

At the upper-end of the price band, the IPO size will be Rs 4,275 crore. About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Bharti Hexacom, which filed its preliminary IPO papers with Sebi on January 20, obtained its nod on March 11, to float the maiden public issue.

SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book running lead managers of the public issue.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)