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Bharti Infratel IPO subscribed 15% on Day 1

Mumbai, Dec 12: The Rs 4,500-crore Bharti Infratel IPO, tipped as the second biggest public issue in two years, was subscribed 15 per cent on the first day of the offer on Tuesday.The telecom tower
PTI December 12, 2012 14:27 IST
PTI
Mumbai, Dec 12: The Rs 4,500-crore Bharti Infratel IPO, tipped as the second biggest public issue in two years, was subscribed 15 per cent on the first day of the offer on Tuesday.



The telecom tower company's initial public offer (IPO) attracted bids for 2.45 crore shares against 18.89 crore equity shares on offer, according to stock exchanges data till 1700 hrs.

The Qualified Institutional Buyers (QIBs) category was subscribed 13 per cent, while the shares for retail investors got subscribed one per cent, the data said.

The issue comprising 18.89 crore equity shares started for retail investors today in the price band of Rs 210-240 per share. The issue will close on December 14.

At the upper end of the price band, Bharti Infratel would raise about Rs 4,533.60 crore, while at the lower end it could end up with Rs 3,966.90 crore.

The equity shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.

Bharti Airtel, which owns about 86 per cent of Bharti Infratel, is not participating in the share sale.

The company has said the proceeds from the IPO will be used to fund its expansion and future acquisitions.

Bharti Infratel is the first tower company to come out with an IPO. Other players in the tower business include Anil Ambani-led Reliance Infratel and Viom Networks — a joint venture between Tata Teleservices and Kolkata-based Quippo Infrastructure.