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The mega public offer of Bharti Hexacom, which opened for subscription, will kick-start the primary market activity in the new fiscal year. The company aims to raise Rs 4,275 crore through the IPO and the anchor book opened later on Tuesday.
Ahead of the issue launch, the company's shares are trading with a premium of Rs 40 in the unlisted market.
The IPO, which closes on April 5, is priced in the range of Rs 542-570 per share and investors can bid for 26 shares in one lot.
Bharti Hexacom IPO is completely an offer-for-sale (OFS), without any fresh equity issue. Telecommunications Consultants India, the sole public shareholder in the company, will offload 7.5 crore equity shares or a 15% stake in the OFS.
Sunil Mittal-driven telco Bharti Airtel holds a 70% stake or 35 crore shares and the remaining 30% shareholding, equivalent to 15 crore equity shares is held by non-promoter TCIL.
Bharti Hexacom runs mobile services in Rajasthan and the Northeast circles of India. Airtel will continue to hold a majority stake in the subsidiary. The northeast telecommunication circles in India comprise the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura.
Bharti Hexacom has a spectrum portfolio with a varied pool of mid-band spectrum, which has enabled us to offer 5G plus services to customers.
For the six months ended September, Bharti Hexacom reported a revenue of Rs 3,420 crore, compared to Rs 3,167 crore a year ago. However, profit dropped to Rs 69 crore from Rs 195 crore a year ago.
From an average revenue per user (ARPU) of Rs 135 in FY21, Bharti Hexacom has managed to improve this to Rs 195 during the six months ended September 2023. As of September 2023, the company had an aggregate of 29.1 million customers across both circles.
SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book-running lead managers to the issue.
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