Bharti Infra issue price fixed at R210 for retail investors
The Delhi-based telecom major is believed to have allotted around 14.75-14.9 crore shares to qualified institutional buyers (QIBs) and high networth individuals (HNIs), stated merchant bankers, who did not wish to be identified.
On BSE, shares of Bharti Airtel declined 3.69% or R11.50 from Friday's close to end at R300.45. The company, which had targeted to raise R4,500 crore through its IPO, received 1.3 times the subscription.
According to exchange data, the QIB portion was oversubscribed 2.84 times. The issue received tepid response from non-institutional and retail investors, who subscribed just 29% and 19%, respectively.
Interestingly, the issue price is lower than the price at which anchor investors were allotted shares just a day before the IPO opened. The company allotted 2.83 crore shares at R230 a share to anchor investors that include Sundaram Mutual Fund, Columbia Wanger, Alliance Bernstein, Citigroup, Morgan Stanley and Clough Cap.
While company officials working on the IPO did not wish to comment on the price, market experts and brokerages expressed mixed reaction to the pricing. Market experts said the issue was fairly priced towards the lower end of the
Be the first to comment.
