Bharti Infratel, the towerco arm of Indian telco Bharti Airtel, will launch its IPO on 11 December and expects to raise up to US$832m, which would make it the country’s largest float in two years.
In an announcement to the stock exchanges today,…
Bharti Infratel, the towerco arm of Indian telco Bharti Airtel, will launch its IPO on 11 December and expects to raise up to US$832m, which would make it the country’s largest float in two years.
In an announcement to the stock exchanges today, Bharti Airtel set the price band for the shares between Rs210 (US$3.85) and Rs240 (US$4.4). 188.9 million shares equalling a 10% stake in the asset will be up for sale, so if they are sold at the higher price, the company will raise Rp45.3bn (US$832m).
TelecomFinance reported last week that an IPO was due in early December following the filing of a preliminary IPO prospectus with the Securities and Exchange Board of India (SEBI) in September.
Investors have been deterred from India’s telecoms industry in recent times due to the scandals overshadowing the 3G auction. However, an analyst with close knowledge of the company told TelecomFinance last week that he expected the IPO to attract interest if the pricing was right.