New Delhi: Today, on April 12, 2024, marks a significant milestone for Bharti Hexacom Limited as it enters the stock market with its Initial Public Offering (IPO). The subsidiary of Bharti Airtel, a leading telecommunications company, is set to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) under the 'B' group of securities.
Bharti Hexacom Limited: Listing Details And Timing
The shares of Bharti Hexacom will commence trading in a special pre-open session starting at 10:00 AM today, allowing investors to participate in Friday deals. (Also Read: Setback For OnePlus? Mobile Retailers' Body Threatens To Stop Sales From May 1)
According to a notice issued by BSE, "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." (Also Read: EPFO Introduces Automatic Transfer Of EPF Accounts: Check Who Can Avail This Facility And Other Requirements)
Bharti Hexacom IPO: Subscription
The IPO of Bharti Hexacom witnessed substantial investor interest, with subscription rates soaring to an impressive 29.88 times by the deadline on April 5.
IPO Listing Details
This overwhelming response underscores the market's confidence and enthusiasm for the telecom arm.
Issue Price
The issue price for the public offering has been set at Rs 570 per share, as detailed in the exchange's notice.
Offering Details
The IPO, which raised Rs 4,275 crore, consisted solely of an offer-for-sale (OFS) of 7.5 crore equity shares, representing a 15 percent stake in the company. Notably, there was no fresh issue component in the IPO.
Financial Performance And Industry Position
Despite reporting robust revenue figures, Bharti Hexacom disclosed a significant 67.2 percent decline in net profit to Rs 549.2 crore for the fiscal year 2022-23.
This decline was primarily attributed to a larger base in the previous year, which included exceptional gains totaling Rs 1,951.1 crore.
About Bharti Hexacom
Bharti Hexacom operates as a telecommunications service provider in Rajasthan and the Northeast regions, solidifying its position within the industry.
