Vodafone Idea expects full subscription to ₹18,000-crore FPO
NEW DELHI : Vodafone Idea expects its ₹18,000-crore follow-on public offer to have maximum subscription with the share of anchor investors being fully subscribed, even as India’s No. 3 telecom carrier began its roadshow for individual investors. “We’ve had an extensive roadshow with all international and domestic institutional investors.
We are positive that we should get good subscription from both retail and (high net worth) investors also," said Suraj Krishnaswamy, executive director of investment banking at Axis Capital, one of the book runners to the share issue along with Jefferies and SBI Capital Markets Ltd. “As per the Sebi regulation, we need 90% subscription… right now, we are very confident that we should get good investor interest, especially once you see the anchor investment that comes out tomorrow," Krishnaswamy said. Vodafone Idea chief executive Akshay Moondra said the company will roll out 5G services in six-nine months following the FPO, and that it will expedite 5G equipment orders with vendors with which it has conducted trials.
Its 5G service rollouts hinge on its fund-raise. The carrier remains the only private company to not have 5G services on offer, unlike Airtel and Reliance Jio. Vodafone Idea is now focused on rolling out the service in 17 priority circles that account for 98% of its revenue, and 92% of the industry’s revenue.
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