Bharti Hexacom IPO opens for subscription today. Should you bid?
Marquee anchor investors, who participated in the anchor book include Capital Group, Fidelity Funds, ADIA, Morgan Stanley among others.
Bharti Hexacom's IPO is completely an offer-for-sale (OFS), without any fresh equity issue. Telecommunications Consultants India (TCI), the sole public shareholder in the company, will offload 7.5 crore equity shares or a 15% stake via the OFS.
Sunil Mittal-driven telco Bharti Airtel holds a 70% stake or 35 crore shares of Bharti Hexacom, and the remaining 30% shareholding, equivalent to 15 crore equity shares is held by non-promoter TCIL.
Bharti Hexacom IPO review
Analysts advised investors to subscribe to the Rs 4,275 crore issue as the company has strong parentage and an established brand along with a presence in markets with high growth potential
«Considering the FY24-annualized EPS of Rs 7.52 on a post-issue basis, the company will list at a P/E of 75.80 times with a market cap of Rs 28,500 crore, whereas its peer Bharti Airtel is trading at a P/E of 63.3 times. We assign a 'subscribe' rating to this IPO as it is available at a reasonable valuation compared to its peers,» said Marwadi Financial Services.
Bharti Hexacom IPO price band
The IPO, which closes on April 5, is priced in the range of Rs 542-570 per share and investors can bid for 26 shares in one lot.
Also Read: Bharti Hexacom IPO. 10 things to know before subscribing to the issue
Bharti Hexacom IPO GMP
Ahead of the issue launch, the company's shares traded at a premium of Rs 40 in the unlisted market.
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