Bharti Hexacom fixes IPO price band at ₹542-570 per share; Here are the details

Bharti Airtel's arm Bharti Hexacom on Tuesday said it has fixed a price band of ₹542 to ₹570 per share for its ₹4,275-crore initial public offering

The initial share-sale of the telecom operator's arm will be open for public subscription during April 3-5, and the bidding for anchor investors will open for a day on April 2, the company said in a public notice.

This will mark the first public offering in the 2024-25 fiscal year.

The company's IPO is entirely an offer-for-sale (OFS) of 7.5 crore equity shares, indicating a 15% stake by Telecommunications Consultants India Ltd, with no fresh issue component.

Since it is an offer-for-sale or OFS, Bharti Hexacom will not receive any proceeds from the IPO.

At present, promoter Bharti Airtel holds 70 per cent stake and the remaining 30 per cent stake is owned by Telecommunications Consultants India.

Bharti Hexacom provides telecommunication services in Rajasthan and the North East.

At the upper-end of the price band, the IPO size will be ₹4,275 crore. About 75% of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail investors.

Bharti Hexacom, which filed its preliminary IPO papers with Sebi on January 20, obtained its nod on March 11, to float the maiden public issue.

SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book running lead managers of the public issue.