Commencing this Friday, Bharti Airtel’s subsidiary, Bharti Hexacom, is poised to make its first appearance on the stock exchange following the conclusion of its highly anticipated initial public offering (IPO) last week. In what has been a sheer display of investor confidence, Bharti Hexacom’s IPO was met with an overwhelming response, securing a subscription rate that was an impressive 29.88 times higher than the shares on offer as of the final day of bidding that concluded on April 5.
A recent bulletin from the Bombay Stock Exchange (BSE) dated April 10, outlined the company’s promising future, stating, “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.” The notice, readily accessible via the exchange’s platform, revealed a fixed issue price of Rs 570 per share for the public issue.
This week will witness a brief pause in market activity, as stock markets close on Thursday in observance of Eid-Ul-Fitr, creating an air of anticipation among investors eyeing Bharti Hexacom’s market debut the following day.
Marking a first for the financial year 2024-25, the company launched its IPO with a Rs 4,275-crore initial offering available for public subscription from April 3 to 5. These shares were pitched to investors with a price range of Rs 542-570 each.
Delving into the specifics of the IPO, it was structured as an offer-for-sale (OFS) comprising of 7.5 crore equity shares. This represented a 15 percent stake from Telecommunications Consultants India Ltd (TCIL), without an accompanying fresh issue component.
Bharti Hexacom, a vital player in the telecommunication sector, specializes in offering services across the regions of Rajasthan and the Northeast. This event marks an essential milestone for the Bharti group, as it relives its experience with the capital markets, reminiscing the previous IPO of Bharti Infratel, now operating as Indus Towers, which took place a decade earlier in 2012.
The foregoing events arrive at a defining moment for Bharti Hexacom—as the public eagerly anticipates how the shares will perform on their first day on the exchange. For a company that operates in such critical regions, servicing an extensive customer base with vital communication needs, the market debut of Bharti Hexacom is not just symbolic of financial growth but represents progress in the telecommunication infrastructure that fuels connectivity and business ecosystems across the region.
The IPO sets stage for the company to capitalize on its growth plans, further expanding its outreach and technological footprints. It allows the investor community to partake in the potential growth story of Bharti Hexacom. As Friday approaches, all eyes will be on the company as it takes a leap from a privately held entity to embrace its new status as a publicly traded company, ready to navigate the dynamic tides of the stock market.
Investors are on the lookout for this stock’s performance, anticipating it potentially following the footsteps of its predecessors and solidifying the financial foundation of the Bharti group. With market sentiments riding high, the debut of Bharti Hexacom on the stock exchange is certainly one of the most closely watched financial events as the company unfurls its wings to embrace the opportunities and challenges of being a publicly listed entity.
