IPO screener: Bharti Hexacom subscribed 0.34 times on Day 1

The public issue of Bharti Hexacom was subscribed 0.34 time at the end of Day 1 issue opening on Wednesday. The ₹4,275-crore issue, which opened at a price band of ₹542-570received bids for 1.41 crore shares against an offer of 4.12 crore shares (net-off anchor portion).

The IPO closes on April 5 (Friday) and the minimum lot size is 26 shares.

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 percent stake in the company.

More than 75 per cent of the net issue is reserved for QIBs, while the respective retail and NII (HNI) quotas are 10 per cent and 15 per cent, respectively.

The portion for QIBs received bids for 0.29 times while that of HNIs and retail investors subscribed 0.36 times and 0.48 times, respectively.

Anchor investors

As part of the IPO process, Bharti Hexacom raised ₹1,923.75 crore from anchor investors on Tuesday by allocating 3.37 crore shares to anchor investors at ₹570 a share.

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 funds

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.

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