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Business News/ Markets / Ipo/  Bharti Airtel arm Bharti Hexacom files for IPO; to issue up to 10 crore equity shares via OFS

Bharti Airtel arm Bharti Hexacom files for IPO; to issue up to 10 crore equity shares via OFS

Bharti Airtel arm Bharti Hexacom files for IPO; to issue up to 10 crore equity shares via OFS.

Bharti Airtel arm Bharti Hexacom files for IPO. REUTERSPremium
Bharti Airtel arm Bharti Hexacom files for IPO. REUTERS

Bharti Airtel arm Bharti Hexacom on Friday has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to for an Initial Public Offering (IPO).

The IPO will be completely offer-for-sale (OFS) of up to 10 crore equity shares by its existing shareholders.

“We wish to inform you that board of directors of the company at its meeting held on Friday, January 19, 2024 have approved the IPO of equity shares of face value 5 each comprising of an OFS of up to 100,000,000 equity shares (representing 20% of the paid-up share capital of the company) by Telecommunications Consultants India Ltd, subject to such variation as permitted under applicable law," the company said in an exchange filing. 

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Also Read: Medi Assist IPO: What GMP signals as listing date fixed on 23rd January

In addition, the company stated in its exchange filing that the IPO would not include any any fresh issuance of equity shares and will be carried out subject to the necessary approvals and market conditions. The company will not get any proceeds from the IPO because it is an OFS.

The government-owned company Telecommunications Consultants holds a 30% stake in Bharti Hexacom. Bharti Airtel has the remaining 70% of Bharti Hexacom.

The IPO's book-running lead managers are SBI Capital Markets Ltd, Axis Capital Ltd, BOB Capital Markets Ltd, ICICI Securities Ltd, and IIFL Securities Ltd.

Also Read: Megatherm Induction IPO: Price band set at 100-108 per share; check GMP, issue details, key dates, more

In accordance with the company's DRHP, it is a provider of communications solutions, providing fixed-line, broadband, and consumer mobile services to clients in Rajasthan and the North East telecommunication circles in India, which include the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura.

Under the "Airtel" name, Bharti Hexacom provides its services. By attracting and retaining great clients and providing them with an experience through our omnichannel approach and use of data science, the firm has a unique strategy to premiumise its portfolio.

Also Read: Nova Agritech raises 43.14 crore from anchor investors ahead of IPO

As per the DRHP, the company's DRHP, its listed peers are Bharti Airtel (with a P/E of 75.18) and Vodafone Idea Ltd. 

Bharti Hexacom reported revenue of 3,420 crore for the six months ending in September, up from 3,167 crore in the same period previous year. Profit, however, decreased from 195 crore to 69 crore in the previous year.

On Saturday's trading session, Bharti Airtel share price closed flat at 1,125 apiece on BSE.

Also Read: delaPlex IPO price band set at 186-192 per share; check GMP, issue details, key dates, more

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisionsA

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Published: 20 Jan 2024, 02:38 PM IST
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