Bharti Infratel trades at discount in pre-open bids on NSE

The stock is trading at Rs 210, a 5% discount against its issue price of Rs 220 per share issued to institutional investors.

Bharti Infratel is trading at Rs 210, a 5% discount against its issue price of Rs 220 per share issued to institutional investors in the pre-open bidding on the National Stock Exchange (NSE).

The Sunil Bharti Mittal led-company, which raised about Rs 4,118 crore through initial public offer (IPO), had fixed the issue price at Rs 220 per share for institutional investors, while giving a discounted price of Rs 210 for retail investors.

The issue was subscribed 1.3 times. Of the total shares reserved for retail investors, there were bids for 19%, while non-institutional investor’s category was subscribed 29%. On the other hand, the Qualified Institutional Buyers (QIBs) book, was subscribed 2.84 times

 

The company had said it plans to use the proceeds from the IPO to fund its expansion and future acquisitions.