This will be the first IPO in the financial year 2024-25.
Telecom operator Bharti Airtel’s subsidiary Bharti Hexacom’s initial share sale will open for public subscription on April 3.
The three-day initial public offering (IPO) will conclude on April 5, and the anchor book of the offer will open for a day on April 2, according to the Red Herring Prospectus (RHP) filed on Friday.
This will be the first IPO in the financial year 2024-25.
The maiden public issue is purely an offer-for-sale of up to 7.5 crore shares (representing a 15 per cent stake) by existing shareholder — Telecommunications Consultants India Ltd.
The OFS size has been reduced to 7.5 crore from 10 crore equity shares planned earlier.
Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders, and the company will not receive any funds from the issue.
Bharti Hexacom obtained its observation letter on March 11 from the capital markets regulator Sebi to float the public issue.
Promoter Bharti Airtel holds a 70 per cent stake and the remaining 30 per cent shareholding is held by state-run Telecommunications Consultants India Ltd.
Bharti Hexacom is a communications solutions provider, offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
It is among the top global mobile operators in terms of number of customers and India’s largest integrated communications solutions provider in terms of consolidated operating revenue as of fiscal 2023.
In spite of strong topline and operating figures, the company reported a 67.2 per cent year-on-year fall in net profit of Rs 549.2 crore for FY23. This decline was caused by a larger base as a result of exceptional gains of Rs 1,951.1 crore in the previous year.
Source:financialexpress.com