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Business News/ Markets / Stock Markets/  Bharti Hexacom IPO likely to launch in April, seeks valuation over 28,000 crore: Report

Bharti Hexacom IPO likely to launch in April, seeks valuation over ₹28,000 crore: Report

Bharti Hexacom's IPO, seeking over ₹28,000 crore valuation, is set to launch in April. The IPO size is expected to be around ₹4,300 crore, with Telecommunications Consultants holding a 30% stake in the company.

Bharti Hexacom IPO expected to be launched in April first week, seeks valuation over ₹28,000 crore: Report REUTERS/Rupak De Chowdhuri (INDIA - Tags: BUSINESS TELECOMS) - RTR3D7T0Premium
Bharti Hexacom IPO expected to be launched in April first week, seeks valuation over 28,000 crore: Report REUTERS/Rupak De Chowdhuri (INDIA - Tags: BUSINESS TELECOMS) - RTR3D7T0

Bharti Hexacom IPO is expected to launch in the first week of April and seek a valuation of more than 28,000 crore, reported CNBC-TV18 citing its sources.

Bharti Hexacoms IPO size is expected to be about 4,300 crore, according CNBC-TV18 report.  

Recently, the stock market regulator Securities and Exchange Board of India (SEBI) approved Bharti Hexacom, a subsidiary of Bharti Airtel, to seek funds through an IPO. In January, Bharti Hexacom filed its Draft Red Herring Prospectus (DRHP) with SEBI. 

Also Read: Airtel's unit Bharti Hexacom gets SEBI approval to float IPO

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

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

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

As per the company's DRHP, it caters to clients in Rajasthan and the North East telecommunication circles of India, which encompass the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura. It also offers fixed-line, broadband, and consumer mobile services.

Bharti Hexacom offers its services under the "Airtel" brand. The company has a unique strategy to premiumise its portfolio by drawing in and keeping exceptional clients and giving them an experience through our usage of data science and omnichannel approach.

Also Read: Bharti Airtel initiates process for subsidiary Bharti Hexacom IPO: Report

The company's listed peers, according to the DRHP, include Vodafone Idea Ltd. and Bharti Airtel (which has a P/E of 75.18).

For the six months ended in September, Bharti Hexacom recorded revenue of 3,420 crore, which was higher than the 3,167 crore reported for the same time the previous year. But compared to the prior year, profit dropped from 195 crore to 69 crore.

On Wednesday's session, at 13:00 IST, Bharti Airtel shares were trading at 1,230.55 apiece, up by 0.22% on BSE

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

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. 



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Published: 20 Mar 2024, 01:23 PM IST
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