Bharti Airtel’s arm Bharti Hexacom IPO opened on April 03. The company has reserved around 10% of the net issue for retail bidding. It has kept the price band in a range of Rs 542-570 per equity share.
In the grey market, Bharti Hexacom’s shares are trading at a premium of 9% to the issue price. It is an unofficial market where shares change hands illegally before listing. Investors track the grey market to take cues.
The company wants to collect a total of Rs 4,275 crore by offering 75 million shares, it is an offer for sale. The company will close the IPO bidding on April 05. The shares are expected to be finalised on April 08. Further, the scrips of the company can hit the bourses on April 12.
A retail bidder needs to apply for a minimum of 26 shares in a lot aggregating to Rs 14,820.
The company is a prominent player in Rajasthan and North Eastern states. It provides fixed-line telephone and broadband services to its customers.
SBI Capital Markets, Axis Capital, Bob Capital Markets, ICICI Securities, and IIFL Securities were the book-running lead managers for the IPO of Bharti Hexacom. Kfin Technologies worked as the registrar for the issue.