Pioneer Iti Picks 5% In Bharti Via Ipo

Pioneer ITI Mutual Fund, through its various funds, has picked up around 85.72 lakh shares or 4.62 per cent of the Bharti Tele-Ventures initial public offering of 18.53 crore shares.

Internet Opportunities Fund, Bluechip Fund and Prima Plus have picked up 40.66 lakh shares, 15.91 lakh shares and 10.60 lakh shares, respectively.

In fact, Bharti Tele-Ventures accounts for 7.01 per cent of the total assets of Internet Opportunities Fund.

According to K N Siva Subramanian, fund manager, Bluechip Fund, "We participated in the IPO of Bharti Tele-Ventures which offers integrated telecommunication services and has the potential to become the key player in the domestic telecom sector". Bluechip fund has a corpus of Rs 344.64 crore.

The view is shared by Pioneer ITI Ltd vice-president (investments) R Sukumar. His managed funds such as Prima Plus and Pension Plan have subscribed to 10.6 lakh and 1.59 lakh shares. respectively. He also manages Internet Opportunities Fund.

The entire public issue was through 100 per cent book-building wherein 60 per cent of the issue was allotted to qualified institutional bodies on a discretionary basis, 15 per cent allotted to non-institutional investors and 25 per cent allotted to retail investors on a proportionate basis.