Bharti Hexacom Sets IPO Price Band At Rs 542-570 Per Share

Bharti Airtel Ltd.'s subsidiary, Bharti Hexacom Ltd. has set the price band for its initial public offering in the range of Rs 542-570 per share.

The company's IPO will open on April 3 and close on April 5. The issue size is between Rs 4,065-4,275 crore. The anchor investor bidding will start on April 2.

Bharti Airtel has a 70% stake in the company. TCI's shareholding will reduce to 10% after the share sale. The government currently holds a 30% stake in the company.

SBI Capital Markets Ltd., Axis Capital, BOB Capital Markets, ICICI Securities and IIFL Securities are the book-running lead managers for the issue. The company's shares are proposed to be listed on the BSE and NSE.

Founded in 1995, Bharti Hexacom exclusively operates in Rajasthan and the North East. It also provides fixed-line and broadband services in Rajasthan.

It reported a net profit of Rs 69 crore at the end of September 2023, as compared with Rs 195.2 crore in the six months ending September 2022. It reported an exceptional loss of Rs 303 crore from April to September 2023. Its revenue rose to Rs 3,420 crore for the six months ended September 2023 from Rs 3,167 crore for the corresponding period in FY22.