Bharti Infratel is trading at Rs 195, a 2.5% discount to its issue price of Rs 200 to retail investors on the National Stock Exchange.
The stock opened at Rs 200 and hit a high of Rs 201 so far. A combined 7.16 million shares have changed hands on the counter on both the exchanges at 1007 hours.
The Sunil Bharti Mittal led-company which raised about Rs 4,118 crore through initial public offer (IPO) has fixed the issue price at Rs 220 per share for institutional investors, while giving a discounted price of Rs 210 for retail investors.
The issue was subscribed 1.3 times. Of the total shares reserved for retail investors, there were bids for 19%, while non-institutional investor’s category was subscribed 29%. On the other hand, the Qualified Institutional Buyers (QIBs) book, was subscribed 2.84 times
The company had said it plans to use the proceeds from the IPO to fund its expansion and future acquisitions.
