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regular-article-logo Sunday, 26 May 2024

Bharti Hexacom makes dream debut on bourses, closes at a premium of nearly 43 per cent

The telco opened on a strong note at Rs 755.20 on the BSE, registering a gain of 32.49 per cent over the issue price. It later rose 54.36 per cent to hit a day’s high of Rs 879.90. Subsequently, the share closed at Rs 813.75, up 42.76 per cent

Our Special Correspondent Mumbai Published 13.04.24, 12:52 PM
Representational image

Representational image Sourced by the Telegraph

Bharti Hexacom, the Bharti Airtel subsidiary, on Friday made a stellar debut on the stock exchanges as it closed at a premium of nearly 43 per cent against the issue price of Rs 570.

The telco opened on a strong note at Rs 755.20 on the BSE, registering a gain of 32.49 per cent over the issue price. It later rose 54.36 per cent to hit a day’s high of Rs 879.90. Subsequently, the share closed at Rs 813.75, up 42.76 per cent.

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On the NSE, the scrip debuted at Rs 755, a gain of 32.45 per cent, and it later ended at Rs 814, an increase of 42.80 per cent.

At close, the company’s market valuation stood at Rs 40,687.50 crore.

In traded volume terms, 20.94 lakh shares of the company were traded on the BSE and over 534.65 lakh shares on the NSE during the day.

Bharti Hexacom’s initial public offering (IPO), which was the first public issue of this fiscal, was subscribed 29.88 times on the last day of bidding on April 5.

The company’s Rs 4,275-crore share float was open for public subscription from April 3-5. It had fixed a price band of Rs 542-570 per share for the IPO.

The IPO was entirely an offer for sale (OFS) of 7.5 crore equity shares, indicating a 15 per cent stake by Telecommunications Consultants India Ltd, which is a government of India entity.

Bharti Hexacom provides telecommunication services in Rajasthan and the North East.

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