Bharti Hexacom Makes Stellar Debut in Gloomy Market on Friday

On Friday, despite the Indian benchmark indices reeling under selling pressure, with Sensex and Nifty down by 0.50%, there’s reason for market participants to cheer. This reason stems from the listing of Bharti Hexacom Ltd.

Strong Debut on NSE

The IPO of Bharti Hexacom Ltd made a robust debut on NSE at Rs 755, against an issue price of Rs 570. Interestingly, the stock didn’t halt there; it continued its rally and is now comfortably trading above the Rs 800 mark, reaching an intraday high of Rs 824.90. On NSE, the total buy quantity, as per the order book, stands at 1,29,84,316 shares, while the sell quantity stands at 7,91,584.

Robust Response to the IPO

The issue of Bharti Hexacom received a robust response, with the issue being subscribed nearly 30 times. There was significant demand seen in the QIB category, with the issue being subscribed 48.57 times in this category. Meanwhile, the public issue was subscribed 2.83 times in the retail category.

Bharti Hexacom’s IPO is the country’s largest since Mankind Pharma Ltd. raised Rs 43.3 billion a year ago. The company raised Rs 1,923.75 crore from anchor investors by allocating 3.37 crore shares at Rs 570 per share ahead of the issue.

Anchor Investors

About 97 institutional investors participated, including prominent names such as Smallcap World Fund, Blackrock Global Funds, Pictet, Capital Group, American Funds, Fidelity Funds, and Abu Dhabi Investment Authority. Others included Stichting Depository APG, Aberdeen, Schroder International, Treasurer of the State of North Carolina Equity Investment Fund, BNP Paribas Trust Services Singapore, Eastspring Investments, Morgan Stanley, and HSBC.

Numerous prominent domestic fund houses actively participated in the anchor allotment. Noteworthy names among them are HDFC Mutual Fund, SBI Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Trustee, Whiteoak Capital, Kotak Mutual Fund, Nippon Life India, Mirae Asset, UTI Mutual Fund, Franklin, Tata Mutual Fund, and DSP Mutual Fund.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.