Bharti Hexacom, whose IPO was open for bidding between April 3 and April 5, is likely to finalise the basis of allotment for its recent public issue on Monday, April 8. Bidders, who had participated in the three-day bidding process, are likely to receive messages, alerts or emails regarding debit of funds or revocations of IPO mandate latest by Tuesday, April 9.
New Delhi-based Bharti Hexacom sold its IPO in the price band of Rs 542-570 per share with a lot size of 26 equity shares. The company raised Rs 4,275 crore through its primary stake sale, which was entirely an offer-for-sale of up to 7,50,00,000 equity shares by Telecommunications Consultants India.
The telecommunications-services provider had received a decent response for its IPO, fetching an overall subscription of 29.88 times. The quota for qualified institutional bidders was subscribed 48.57 times while the allocation for non-institutional bidders was booked 10.52 times. The portion reserved for retail investors was subscribed only 2.83 times by the end of the bidding.
Grey market premium (GMP) of Bharti Hexacom has surged smartly following the strong interest of the institutional bidders. Last heard, the company was commanding a mild premium of Rs 80-85 per share, suggesting a listing pop of 14-15 per cent for the investors. However, it was around Rs 50-55, when the issue was opened for bidding.
Bharti Hexacom, which was incorporated in 1995, provides fixed-line telephone and broadband services to customers in Rajasthan and North East telecom circles in India. The company provides services in states such as Rajasthan and Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura.
Analysts, tracking the issue, were mostly positive on it. Majority of the brokerage firms suggested subscribing to the issue on the back of strong parentage, rising demand for its service, sound financials and high entry barriers. However, some experts were skeptical of the full OFS nature and pricey valuations of the issue. Axis Capital, BoB Capital Markets, SBI Capital Markets, ICICI Securities and IIFL Securities are the book running lead managers of the Bharti Hexacom IPO, while Kfin Technologies is the registrar for the issue. Shares of the company are likely to be listed at both BSE and NSE on April 10, Wednesday. Investors, who had bid for the issue of Bharti Hexacom, can check the allotment status on the Bombay Stock Exchange (BSE) website: 1) Visit https://www.bseindia.com/investors/appli_check.aspx 2) Under the issue type, click Equity 3) Under the issue name, select Bharti Hexacom Ltd in the dropbox 4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue. The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries. 1) Go to the web portal of KFin Technologies Limited 2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized 3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID 4) In application type, select between ASBA and non-ASBA 5) Enter the details of the mode you selected in Step 2 6) For security purposes, fill the captcha accurately
7) Hit submit.
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