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Bharti Hexacom IPO Opens for Subscription with Positive Grey Market Premium

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The day marks the initiation of the primary market for FY25 with Bharti Hexacom commencing its IPO subscription today. The IPO date is set for April 3-5, offering 26 equity shares per lot and prices ranging from ₹542 to ₹570.

The offering brightens with 75% reserved for QIBs, 15% for NIIs, and 10% for retail investors, welcoming all modes of investment. Bharti Hexacom is a prominent player in the telecommunication circle in Rajasthan and the North East regions including Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura.

Noteworthy market activity unfolds as the IPO garners positive traction in the grey market with a GMP of +52, indicating an upward trend and anticipation for a promising listing. The listed peers accentuated in the RHP recording a P/E of 82.16 for Bharti Airtel Ltd., (1.63) for (1.63), and Reliance Jio Infocomm Ltd.

The delightful development of Bharti Hexacom’s IPO subscription status at 5%, reflected in the BSE, showcases a retail portion subscribed at 21%, NII at 6%, and QIBs yet to contribute. The telecom sector thrives with growth prospects as affirmed by the IPO being entirely an OFS, sans fresh issue components.

Noteworthy lead managers including SBI Capital Markets Limited, Axis Capital Limited, Bob Capital Markets Limited, Geojit BNP Paribas Financial Services Limited, and Motilal Oswal Investment Advisors are steering the course.

The selective brokerage alignment suggests Bharti Hexacom’s strategic positioning benefiting from the synergy with Bharti Airtel, paving the way for operational efficiency and financial performance. The government-linked Telecommunications Consultants, in the driver’s seat, orchestrates a sophisticated IPO exit strategy to assess enterprise value.

Bharti Hexacom charts a promising IPO debut with substantial investor engagement reflecting in the positive GMP, propelling excitement for the upcoming listing.

Rachel Adams

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