Telecom services provider Bharti Hexacom's IPO subscribed 34% on day 1

The initial public offering (IPO) of Bharti Hexacom was subscribed 34 per cent on Wednesday, the first day of the issue. A day earlier, the telecom services provider had allotted shares worth Rs 1,924 crore to anchor investors. Bharti Hexacom, a subsidiary of Bharti Airtel, operates in the Rajasthan and the Northeast telecommunication circles. Airtel holds a 70 per cent stake in the company, while the Government of India holds the remaining 30 per cent through Telecommunications Consultants India (TCIL). In the IPO, TCIL is selling a 15 per cent stake. The price band for the IPO is Rs 542-570 per share. At the top end, the IPO size is Rs 4,275 crore, making it the largest issue in almost a year. Bharti Hexacom’s market value works out to Rs 28,500 crore. According to analysts, the company’s FY24 earnings per share (EPS) on an annualized basis is about Rs 7.52.