Vodafone Idea FPO fully subscribed on last day

Vodafone Idea’s follow-on public offer (FPO) is fully subscribed and ends today i.e. April 22. The company raised Rs 18,000 crore by offering a fresh issue of 16.364 shares. It opened its FPO on April 18. It set the price band at Rs 10 to Rs 11 per equity share, minimum retail bid is of 1,298 shares aggregating to Rs 14,278.

It is expected that the shares will be finalised on April 23, with the listing to be on April 25. The shares will be listed on both the bourses – NSE and BSE.

Axis Capital, Jefferies India, and SBI Capital Markets were the book-running lead managers to the issue of VI’s FPO, while Link Intime India was the registrar.
The company is a telecommunications service provider in India. It provides data, voice, and value-added services across 2G, 3G, and 4G technologies. The company had over 223 million subscribers and had a market share of 19.3% as of December 31, 2023.

According to Vodafone Idea, the raised proceeds will be used to purchase equipment for the expansion of the network by setting up new 4G sites, setting up new 5G sites, payment of certain deferred payments for spectrum to the DoT and the GST, and for other general corporate purposes as well.