Bharti Hexacom, a subsidiary of Bharti Airtel, has announced the opening dates for its initial public offering (IPO). The IPO will be open to the public from April 3 to April 5, 2024. Anchor investors will have the opportunity to bid a day earlier, on April 2.
The company aims to facilitate the sale of some shares by existing shareholder TCIL through this IPO.
Company Background and Offering
Established in 1995, Bharti Hexacom is a telecom services provider, primarily operating in Rajasthan and North East India. With a strong presence in mobile phone services in these regions, it also offers fixed-line and broadband services in Rajasthan. The IPO aims to sell 15% of Bharti Hexacom’s equity, totaling 7.5 crore shares with a face value of Rs 5 each. Currently, Bharti Airtel holds a 70% stake in the company, with the remaining 30% owned by the Government of India through TCIL.
Financial Performance and Outlook
Bharti Airtel, the parent company of Bharti Hexacom, is India’s second-largest telco with a global footprint. Serving over 500 million users across 17 countries in South Asia and Africa, Airtel has witnessed significant financial growth. In Q3 FY24, the company reported a 53.77% rise in consolidated net profit to `2,442.2 crore compared to the previous year’s Q3.
