Thanks to a strong response from institutional investors, the public issue of Bharti Hexacom was subscribed nearly 30 times. The ₹4,275-crore issue, which opened at a price band of ₹542-570 on Wednesday, received bids for 123.24 crore shares against an offer of 4.12 crore shares (net-off anchor portion).
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The entire issue is an offer-for-sale of 7.5 crore shares by Telecommunications Consultants India, the lone public shareholder in Bharti Hexacom, which is diluting its 15 per cent stake. Promoter Bharti Airtel owns a 70 per cent stake in the company.
The portion for QIBs was subscribed 48.57 times, while the respective quota for non-instituions and retail investors was subscribed 10.52 times and 2.83 times.
As part of the IPO process, Bharti Hexacom had raised ₹1,923.75 crore from anchor investors on Tuesday by allocating 3.37 crore shares at ₹570 a share.
Marquee investors
In all, 97 institutional investors including some marquee names such as Blackrock Global Funds, Pictet, Smallcap World Fund, Capital Group, American Funds, Fidelity Funds and Abu Dhabi Investment Authority, participated in the anchor book. Among the others were Stichting Depository APG, Aberdeen, Schroder International, Treasurer of the State of North Carolina Equity Investment Fund, BNP Paribas Trust Services Singapore, Eastspring Investments, Morgan Stanley and HSBC.
Domestic fund houses, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Trustee, Axis Mutual Fund, Kotak Mutual Fund, Nippon Life India, Mirae Asset, UTI Mutual Fund, Franklin, Tata Mutual Fund, DSP Mutual Fund, Whiteoak Capital, Sundaram Mutual Fund, Bandhan Mutual Fund, and PGIM India, also participated in the anchor.