Bharti Hexacom IPO receives lukewarm response on Day 1, issue booked 34%; check latest GMP

Bharti Hexacom IPO subscription status: In a flat market, the Bharti Hexacom IPO is off to a cautious and steady start as subscriptions begin today, Wednesday, April 3. Bharti Airtel's subsidiary company's IPO is scheduled to close on Friday, April 5. Retail investors are steadily subscribing to the issue, with non-institutional investors (NIIs) and qualified institutional buyers (QIBs) following suit.

Bharti Hexacom IPO subscription status is 34%, as per BSE data. The retail portion has been subscribed 48%, and NII portion has been booked 36%. The QIBs portion has been subscribed 29%.

Bharti Hexacom IPO price band has been set at ₹542 to ₹570 per share, with a face value of ₹5. Bids can be placed for multiples of 26 shares, with a minimum bid of 26.

Also Read: Bharti Hexacom IPO opens today: GMP, subscription status, review, other key details. Should you subscribe or not?

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QIBs have been allocated 75% of the offer, NIIs not more than 15% of the offer, and retail investors not more than 10% of the offer.

The tentative timeline for Bharti Hexacom IPO share allotment date is Monday, April 8. Refunds will begin on Wednesday, April 10, and shares will be credited to allottees' demat accounts the same day as the refund date. Bharti Hexacom share price is likely to be listed on BSE and NSE on Friday, April 12.

One of the leading providers of communications solutions is Bharti Hexacom Ltd, an arm of Bharti Airtel Ltd. In the Indian regions of Rajasthan and North East, which include the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura, it provides fixed-line telephone, internet, and consumer mobile services. 

With a revenue market share of 40.4% in the Rajasthan circle and 52.7% in the North-East circle as of 9MFY24, the firm led both regions. The company operate under the "Airtel" brand to provide their services. 70% of the company is owned by Bharti Airtel Ltd, with the remaining 30% being owned by the Government of India through Telecommunications Consultants India Ltd (TCIL).

Also Read: Bharti Hexacom IPO to open tomorrow; here are 5 factors to consider before investing

Bharti Hexacom IPO subscription status

Bharti Hexacom IPO has received bids for 1,41,19,196 shares against 4,12,50,000 shares on offer, according to data from the BSE.

The retail investors' segment received bids for 36,29,886 shares against 75,00,000 shares on offer for this segment.

The NIIs portion got bids for 40,09,200 shares against 1,12,50,000 on offer for this segment.

The QIBs segment got bids for 64,80,110 shares against 2,25,00,000 on offer for this segment.

Also Read: Bharti Hexacom IPO: From price band to GMP, here are 10 things to know before subscribing to the issue

Bharti Hexacom IPO details

The Red Herring Prospectus of the firm states that the Bharti Hexacom IPO consists only of an offer-for-sale (OFS) and does not include a fresh issue component. Telecommunications Consultants India, the company's sole selling shareholder intends to sell off 7.5 crore equity shares, or 15% of the OFS.

According to the company's draft red herring prospectus (DRHP), government-owned Telecommunications Consultants had initially planned to sell up to 10 crore equity shares.

The Bharti Hexacom IPO's book running lead managers are IIFL Securities Ltd., ICICI Securities Limited, Bob Capital Markets Limited, Axis Capital Limited, and SBI Capital Markets Limited. Kfin Technologies Limited is the registrar of the issuance.

Bharti Hexacom IPO GMP today

Bharti Hexacom IPO grey market premium is +63. This indicates Bharti Hexacom share price were trading at a premium of ₹63 in the grey market, according to investorgain.com.

Taking into consideration the upper end of the IPO pricing range and the present premium on the grey market, the Bharti Hexacom shares were anticipated to list at a price of ₹633 per share, which is 11.05% more than the IPO price of ₹570.

IPO GMP is heading upward and is expected to have a solid listing based on the actions of the past 12 sessions of the gray market. According to researchers at investorgain.com, the lowest GMP is ₹30, and the maximum GMP is ₹65.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Bharti Hexacom IPO: Bharti Airtel's subsidiary company raises ₹1,924 crore from anchor investors ahead of IPO

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