Bharti Hexacom's initial public offering received lukewarm response from the investors as it received 34 per cent subscription on the first day of bidding on Wednesday.
This is the first public issue of the fiscal year 2024-25.
The initial share sale of Bharti Hexacom received bids for 1,41,08,328 shares against 4,12,50,000 shares on offer, according to the NSE data.
The category for Retail Individual Investors (RIIs) got subscribed 48 per cent, while the quota for non-institutional investors received 36 per cent subscription, and the portion for Qualified Institutional Buyers (QIBs) got subscribed 29 per cent.
On Tuesday, Bharti Airtel's arm Bharti Hexacom said it has collected about Rs 1,924 crore from anchor investors.
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The company had fixed a price band of Rs 542-570 per share.
The company's Rs 4,275 crore IPO is entirely an offer of sale (OFS) of 7.5 crore equity shares, indicating a 15 per cent stake by Telecommunications Consultants India Ltd, with no fresh issue component. Bharti Hexacom will not receive any proceeds from the IPO.
At present, promoter Bharti Airtel holds a 70 per cent stake and the remaining 30 per cent stake is owned by Telecommunications Consultants India.
The Bharti group's previous IPO of Bharti Infratel, now known as Indus Towers, was in 2012.
Bharti Hexacom provides telecommunication services in Rajasthan and the Northeast.
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At the upper end of the price band, the IPO size will be Rs 4,275 crore. About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Bharti Hexacom, which filed its preliminary IPO papers with Sebi on January 20, obtained its market watchdog's nod on March 11 to float the maiden public issue.
SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book-running lead managers of the public issue.
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