Bharti Infratel IPO subscribed 35 per cent on day two
12 Dec 2012
The initial public offer (IPO) of Bharti Infratel Ltd, launched on Tuesday, was subscribed 35 per cent today, the second day of the issue. The telecom tower company received bids for 55.9 million equity shares against 188.9 million on offer, according to data from the stock exchanges.
Bharti Infratel, the telecom tower arm of India's biggest mobile service provider, entered the capital market expecting to raise Rs4,530 crore ($831 million) in what is India's biggest IPO since that of Coal India Ltd two years ago.
On Friday, the company promoted by Sunil Mittal set a price band of Rs210-240 a share for its IPO. At the highest price band, the company would raise Rs4,530 crore, while at the lowest end, it would get Rs3,970 crore. The bid lot size for the IPO has been set at 50. The offer comprises 146.2 million new shares and 42.7 million existing ones.
Today, the qualified institutional buyers (QIB) category was subscribed 44 per cent, while shares reserved for small investors got 2 per cent subscription.
Shares in the institutional slot have not attracted any interest so far. The issue closes on 14 December.
The equity shares will be listed on the Bombay Stock Exchange as well as the National Stock Exchange.
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