Bharti Hexacom set to debut on stock market on Friday

Bharti Hexacom, a subsidiary of Bharti Airtel, is set to make its much-anticipated market debut on Friday, following the successful share sale via initial public offering (IPO) last week.

The IPO of Bharti Hexacom garnered significant investor interest, with subscriptions reaching 29.88 times the offering size on the final day of bidding on April 5. The robust response reflects the market's confidence in the company's prospects.

In accordance with a notice from the Bombay Stock Exchange (BSE) dated April 10, Bharti Hexacom's equity shares will be listed and admitted to trading on the exchange's 'B' group of securities effective from Friday, April 12, 2024.

The issue price for the public offering has been set at Rs 570 per share, as stated in the notice available on the exchange.

The IPO marks the first public issue of the financial year 2024-25, further highlighting the robust IPO market. The offering, which amounted to Rs 4,275 crore, was open for public subscription from April 3-5, with a price band of Rs 542-570 per share.

It's essential to note that Bharti Hexacom's IPO comprised entirely of an offer-for-sale (OFS) of 7.5 crore equity shares, representing a 15 per cent stake by Telecommunications Consultants India Ltd, with no fresh issue component.

Bharti Hexacom operates in the telecommunications sector, providing services in Rajasthan and the Northeast regions of India. The market eagerly awaits its debut and anticipates its performance in the trading arena.

Notably, this IPO follows the previous offering from the Bharti group, the IPO of Bharti Infratel (now known as Indus Towers), which took place in 2012.

(With PTI inputs)