Bharti Hexacom IPO fully subscribed on the second day of the issue

The initial public offering (IPO) of Bharti Hexacom was subscribed 1.12 times on Thursday, the second day of the issue. The retail portion of the issue was subscribed 1.15 times, the high net worth individual portion 1.71 times and the institutional investor portion 0.82 times.

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.

Nifty Smallcap 100 index extends gains to 10th straight day

The Nifty Smallcap 100 index on Thursday rose for a 10th straight trading session — its longest gaining streak since February 2024. Since March 19, the index has jumped 11.3 per cent as investors have rushed to buy the dip.

In the preceding month, the index had slumped more than 10 per cent amid caution sounded by the markets regulator Securities and Exchange Board of India (Sebi) around froth built up. The Nifty Smallcap 100 index last closed at 16,230, its highest level since February 19. The index last gained for 11 straight sessions in September 2023.