Bharti Hexacom’s market debut on Fri

Shares of Bharti Airtel’s arm Bharti Hexacom will make its stock market debut on Friday, after successfully completing the initial public offering last week. Bharti Hexacom’s initial public offering received 29.88 times subscription on the last day of bidding on April 5. “Trading members of the exchange are hereby informed that effective from Friday, April 12, 2024, the equity shares of Bharti Hexacom Limited shall be listed and admitted to dealings on the exchange in the list of ‘B ‘ group of securities,” as per a BSE notice dated April 10.

The issue price for the public issue is Rs570 per share, according to the notice available on the exchange. Stock markets are closed on Thursday on account of Eid-Ul-Fitr. This was the first public issue of the financial year 2024-25. The company’s Rs4,275-crore initial share-sale was open for public subscription from April 3-5. The company had fixed a price band of Rs542-570 per share for the Initial Public Offer (IPO).

The company’s IPO was 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. Bharti Hexacom provides telecommunication services in Rajasthan and the Northeast. The Bharti group’s previous IPO of Bharti Infratel, now known as Indus Towers, was in 2012.