Bharti Hexacom IPO Day 2 Update: Lukewarm Response and Grey Market Sentiments

Bharti Hexacom IPO Day 2 Update: Lukewarm Response and Grey Market Sentiments

Bharti Hexacom IPO Day 2 Update: Lukewarm Response and Grey Market Sentiments

The Bharti Hexacom Limited initial public offering (IPO) commenced on April 3, 2024, and will continue until April 5, 2024. With a public issue worth ₹4,275 crore, the response from primary market investors has been tepid, while the grey market reflects positive sentiments, offering shares at a premium of ₹62.

Bharti Hexacom IPO Subscription Status

As of 2:33 PM on day 2 of bidding, the public issue has been subscribed 0.75 times overall, with the retail portion booked 0.92 times. The NII segment stands at 0.93 times, while the QIB portion is at 0.59 times.

Bharti Hexacom IPO Review: Financial Performance and Recommendations

Despite raising ₹1,923.75 crore from anchor investors, Bharti Hexacom’s financials showcase mixed results. While revenue grew by nearly 22% YoY in FY23, the PAT dropped over 67% YoY. However, the company’s assets and net worth witnessed growth in the financial year 2023-24.

Marwadi Shares and Finance Limited and SMIFS have both recommended subscribing to the IPO, citing the company’s position as a communications solutions provider offering mobile and broadband services in Rajasthan and the North East. With positive revenue trends and anticipated profitability improvement, several other brokerage firms have also recommended applying to the public issue.

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