Bharti Hexacom shares listed at a 32.5% premium on BSE and NSE, after attracting strong interest from non-institutional investors. The IPO was solely an offer for sale by TCIL, with the company operating in Rajasthan and the North East telecommunication circles.
The listing pop was expected after it received an overwhelming response, as the issue was subscribed to a whopping almost 30 times. The qualified institutional investors (QIB) led the pack, subscribing 48.57 times their allocation.
Bharti Hexacom: "The listing is beyond expectations and the movement thereafter even more surprising," said Arun Kejriwal, founder of Kejriwal Research and Investment Services.
Foreign portfolio investors increased stake in One97 Communications, parent company of Paytm, by over 2 percentage points to 20.64 per cent in the March 2024 quarter.