NEW DELHI: Bharti Hexacom, a subsidiary of Bharti Airtel, announced that its initial public offering (IPO) will be open to the public from April 3 to April 5, 2024. Anchor investors can bid a day earlier, on April 2.
The company is issuing the IPO to enable existing shareholder TCIL to sell some of its shares. “The IPO will be open for subscription on Wednesday, April 3, 2024 (bid/offer opening date) and closes on Friday, April 5, 2024 (bid/offer closing date). Anchor investor bidding will be open one day prior to the bid/offer opening date, on April 2, 2024,” the company said in a press note.
Bharti Hexacom, founded in 1995, is a subsidiary of Bharti Airtel. The company provides telecommunication services, mainly focused in Rajasthan and North East India, where it holds a strong position in mobile phone services. They also offer fixed line and broadband services in Rajasthan.
This upcoming IPO aims to sell 15% of Bharti Hexacom’s equity, totaling 7.5 crore shares with a face value of Rs 5 each. Currently, Bharti Airtel holds a 70% stake in the company, with the remaining 30% owned by the Government of India through TCIL.
Airtel is India’s second largest telco with its global presence, serving over 500 million users across 17 countries in South Asia and Africa. The company has seen significant financial growth, with a 53.77% rise in consolidated net profit to `2,442.2 crore in Q3 FY24 as against the previous year’s Q3.