Indian towerco Bharti Infratel’s IPO raised around Rs41.7bn rupees (US$763m), selling shares in the middle of the price range.
148.4 million shares were sold to institutions and high net worth individuals at Rs220 (US$4), according to three people…
Indian towerco Bharti Infratel’s IPO raised around Rs41.7bn rupees (US$763m), selling shares in the middle of the price range.
148.4 million shares were sold to institutions and high net worth individuals at Rs220 (US$4), according to three people with knowledge of the matter cited by Bloomberg.
Shares were offered to retail investors at a discounted rate of Rs210, according to a note on the Bombay stock exchange during the bookbuilding.
In an announcement to the stock exchange on 30 November, parent company Bharti Airtel had set the price band for the shares between Rs210 (US$3.85) and Rs240 (US$4.4) for 10% of its equity in the IPO.
Demand for shares outstripped demand by 1.3 times, according to data on the National Stock Exchange of India.
As TelecomFinance previously reported, the public offering was already oversubscribed a day before closing.
Bank of America Merrill Lynch, JP Morgan, Standard Chartered, UBS, Barclays, Deutsche Equities, Enam Securities, HSBC and Kotak Mahindra Capital were lead managers on the transaction.
