Bharti Hexacom IPO: Check latest subscription, GMP, brokerage views

1 year ago 28

The allotment of shares for Bharti Hexacom is expected by April 8, 2024, and will list on April 12, 2024.

SRM Contractors raised Rs 39.06 crore from three anchor investors as it allocated 18,59,900 shares at an issue price of Rs 210 apiece.

The price band for Bharti Hexacom IPO is set at Rs 542 to Rs 570 per share.

India Today Business Desk

New Delhi,UPDATED: Apr 3, 2024 12:25 IST

The initial public offering (IPO) of Bharti Hexacom Limited, a communication solutions provider, opened for subscription on April 3, 2024.

The IPO has been subscribed 0.05 times as of the latest update on its first day. Investors have the chance to subscribe until April 5.

Specifically, the retail category has seen 0.21 times subscription, while there has been no subscription from Qualified Institutional Buyers (QIB) and 0.06 times subscription from Non-Institutional Investors (NII).

Investors can buy these shares at a price range of Rs 542 to Rs 570 per share. They need to bid for at least 26 shares and in multiples of 26 shares thereafter.

The shares of Bharti Hexacom will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The allotment of shares is expected by April 8, 2024, and will list on April 12, 2024.

SBI Capital Markets Limited, Axis Capital Limited, BOB Capital Markets Limited, ICICI Securities Limited, and IIFL Securities Limited are managing the IPO as book running lead managers, while Kfin Technologies Limited is the registrar for the issue.

Latest GMP for Bharti Hexacom

The Grey Market Premium (GMP) for Bharti Hexacom's IPO stands at Rs 52, as of April 3, 2024.

Based on this, the estimated listing price for the shares is expected to be Rs 622, which is 9.12% higher than the upper price band of Rs 570.

Should you subscribe Bharti Hexacom IPO?

Choice Broking has recommended subscribing to the IPO, citing the growth potential in the telecommunications sector, particularly in the regions Bharti Hexacom operates. They also highlighted the company's improved financial performance and its valuation compared to peers.

"We believe, there will be continued improvement in the operating & financial performance of the company in the medium-term. At higher price band, BHL is demanding an EV/TTM sales multiple of 5.4x, which is at discount to peer average of 6.5x. in-line to the peer average of 3.9x. Thus, considering the above observations, we are assigning a "SUBSCRIBE" rating for the issue," said Choice Broking in its report.

Established in 1995, Bharti Hexacom offers fixed-line telephone and broadband services mainly in Rajasthan and the North East telecom circles. As of December 31, 2023, the company has invested Rs 206 billion in digital infrastructure and serves a customer base of 27.1 million across 486 census towns.

The market capitalisation of Bharti Hexacom was Rs 28,500 crore as of December 31, 2023.

(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)

Published On:

Apr 3, 2024

Article From: www.indiatoday.in
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