Bharti Hexacom IPO is garnering a grey market premium of 17% to the issue price of Rs 570. The shares of Bharti Hexacom are changing hands at Rs 666 in the grey market.
The grey market is an unofficial market where shares are traded illegally before listing. A lot of market participants track GMP to take cues on the stocks before betting on them.
The allotment of shares was finalised on April 8, followed by refund initiation on April 10. The refund will be credited to the bank account through which payment was made. The finalised shares will be credited to the D’mat account on April 10.
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Bharti Hexacom IPO is entirely an offer for sale of 75 million shares collecting Rs 4,275 crore. The company opened its IPO bidding on April 03 and closed it on April 05. It kept the price band for bidding in a range of Rs 542 to Rs 570 per equity share.
A retail investor had to bid for a lot of 26 shares aggregating to Rs 14,820, the minimum investment required by the retail investor.
Axis Capital, SBI Capital Markets, ICICI Securities, Bob Capital Markets, and IIFL Securities were the book-running lead managers to the IPO of Bharti Hexacom. Kfin Technologies was chosen as the registrar for the issue.
The telecom company is in the business of communication solutions offering mobile, fixed, and broadband services to customers in Rajasthan and North Eastern states of India.