Active Stocks
Wed May 22 2024 15:59:56
  1. Tata Steel share price
  2. 173.30 -0.57%
  1. ITC share price
  2. 439.75 1.10%
  1. State Bank Of India share price
  2. 819.30 -1.35%
  1. NTPC share price
  2. 373.40 0.40%
  1. Kotak Mahindra Bank share price
  2. 1,700.40 0.19%
Business News/ Markets / Ipo/  Bharti Hexacom IPO shares to list on Friday; here's what latest GMP signals ahead of listing
BackBack

Bharti Hexacom IPO shares to list on Friday; here's what latest GMP signals ahead of listing

Bharti Hexacom IPO received positive response from investors through three-day subscription period, with QIBs dominating. Listing date set for April 12, shares to be credited to demat accounts on April 10. GMP stands at +98, signaling strong investor interest.

The Bharti Hexacom IPO listing date has been fixed for Friday, April 12. (https://www.bhartihexacom.in/)Premium
The Bharti Hexacom IPO listing date has been fixed for Friday, April 12. (https://www.bhartihexacom.in/)

The Bharti Hexacom IPO listing date has been fixed for Friday, April 12. For those who have been allocated shares, the crediting of shares to demat accounts will take place today, Wednesday, April 10. Additionally, the process of refunding those who were not given shares will wrap up today itself. On account of the Gudi Padwa festival yesterday (Tuesday, April 9), the initiation of refunds and credit of shares to demat has been scheduled for today.

The Bharti Hexacom IPO allotment was finalised on Monday, April 8. This is a truncated week as the domestic benchmark indices will remain closed on Thursday, April 11, on account of Ramadan Eid.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Also Read: Bharti Hexacom IPO to debut on the bourses on April 12; here's what GMP, subscription status hint ahead of listing

Bharti Hexacom IPO, a subsidiary company of Bharti Airtel, received an overall positive response from investors through the three-day subscription period. With a 48.57-time subscription to the issue on the last day, qualified institutional buyers (QIBs) stole the show. Non-institutional investors (NIIs) had a strong response (10.52 times subscription), while retail investors had good demand (2.83 times subscription). Overall on day 3, Bharti Hexacom IPO subscription status was 29.88 times, as per BSE data.

“If we go back to the valuation, and take a look at the P/E multiple and the other factors, the issue was offered roughly at a 12–15% discount to Bharti Airtel. QIBs excitedly subscribed to the issue after sensing the opportunity it presented. This 12–15% discount turns as grey market premium," explained Arun Kejriwal, founder of Kejriwal Research and Investment Services.

Also Read: Bharti Hexacom IPO allotment to be finalised today; latest GMP, step-by-step guide to check status

Bharti Hexacom IPO details.
View Full Image
Bharti Hexacom IPO details.

On the second day, Bharti Hexacom IPO subscription status was 1.12 times, and the issue was booked 34% on the day 1.

Not less than 75% of the offer was reserved for QIB, maximum 15% of the offer was set aside for NII, and maximum 10% of the offer was kept aside for retail investors.

Also Read: Bharti Hexacom IPO allotment out; latest GMP, steps to check application status online

Communications solutions provider Bharti Hexacom serves the North-East Indian telecom circles, which include Rajasthan and the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura. In addition to fixed-line phone service, it provides broadband services. Under the brand name "Airtel," the business offers its services.

Bharti Hexacom share price is expected to debut higher on Friday when it lists on the bourses, following a robust over-subscription of the IPO offering. A 15% premium is what analysts anticipate the issue will list at.

However, let's check what does Bharti Hexacom IPO GMP today signal ahead of listing.

Bharti Hexacom IPO GMP or grey market premium is +98. This indicates Bharti Hexacom share price were trading at a premium of 98 in the grey market, according to investorgain.com.

Bharti Hexacom shares are expected to list at a price of 666 a share, 16.84% higher than the IPO price of 570, after accounting for the upper end of the IPO pricing range and the current premium on the grey market.

Analysts at investorgain.com predict a solid listing for today's IPO, based on the activity of the previous 19 sessions of the grey market. 30 is the lowest GMP and 96 is the highest.

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

Also Read: Bharti Hexacom IPO booked 29.88 times on the last day of bidding process led by QIBs, NIIs. Check latest GMP

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.

In its initial proposal, TCIL had planned to issue up to 10 crore equity shares, as per the DRHP registered with SEBI. The IPO only consists of OFS portion. As a result, the company is unlikely to receive any proceeds from the issue.

The book running lead managers for the Bharti Hexacom IPO include Axis Capital Limited, Bob Capital Markets Limited, ICICI Securities Limited, SBI Capital Markets Limited, and IIFL Securities Ltd. Kfin Technologies Ltd is the issue registrar.

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

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 decisions.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 10 Apr 2024, 07:55 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started