Bharti Hexacom sets IPO price band at Rs 542 – 570

Bharti Hexacom sets the IPO price band at Rs 542 to 570 per equity share. The IPO of Bharti Airtel’s subsidiary is set to open its subscription on April 3 and will end on April 5. The IPO is entirely an offer for the sale of 7.5 crore shares valued at Rs 4,275 crore, which will be offloaded by Telecommunications Consultants India.

Bharti Hexacom is in the business of providing fixed-line telephone and broadband services in Rajasthan and North East – Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura.

In the grey market, the company’s shares were changing hands at a premium of Rs 35 to the issue price. The grey market is an unofficial market where shares are traded in an illegal way. Market participants track the grey market to take cues on stocks.
SBI Capital Markets, Axis Capital, Bob Capital Markets, ICICI Securities, and Iifl Securities are working as the book-running lead managers for the issue, while Kfin Technologies as the registrar.

The company’s shares are expected to hit Dalal Street on April 12. The allotment is expected to finalise on April 8 and initiation of refunds from April 10.