Bharti Hexacom IPO subscribed nearly 30 times on the final day

The initial public offering (IPO) of Bharti Hexacom garnered nearly 30 times subscription, generating bids worth Rs 70,000 crore.

The telecom operator’s Rs 4,275-crore issue was the largest in nearly a year. The retail portion of the issue was subscribed 2.81 times, high networth individual portion 10.5 times, and institutional investor portion 49 times.

The IPO garnered over 800,000 applications from individual investors. Bharti Hexacom, a subsidiary of Bharti Airtel, operates in the Rajasthan and the North East telecommunication circles. Airtel holds 70 per cent stake in the company, while the Government of India holds the remaining 30 per cent through Telecommunications Consultants India (TCIL).