Bharti Hexacom, unit of Singtel associate Bharti Airtel, jumps 43% after India's biggest IPO in a year

Bloomberg04-12

Bharti Hexacom, a unit of Bharti Airtel, provides fixed-line telephone and broadband services in IndiaShares of telecom service provider Bharti Hexacom surged about 43% in their Mumbai debut after ...

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ACC"},"translate_title":"印度电信联营公司Bharti Airtel旗下的Bharti Hexacom股价上涨43%，这是印度一年来最大的IPO","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"Z74.SI":1},"content_text":"Bharti Hexacom, a unit of Bharti Airtel, provides fixed-line telephone and broadband services in IndiaShares of telecom service provider Bharti Hexacom surged about 43% in their Mumbai debut after completing India’s largest initial public offering in about a year.\nThe stock closed at 813.30 rupees ($13.25), after rising as much as 54% to 880 rupees during the intra-day trading on Friday. Shareholder Telecommunications Consultants India sold 75 million shares in the company at 570 rupees apiece last week, the top of a marketed range, raising 42.75 billion rupees.\nBharti Hexacom’s IPO is the country’s largest since Mankind Pharma raised 43.3 billion rupees a year ago. Its strong debut could help open a window for more large deals in India, dubbed by bankers as one of the hottest spots for first-time share sales in Asia this year.\n\nBharti Hexacom's IPO Versus India, APAC |\nJM Financial Institutional Securities initiated coverage of the stock with a buy recommendation, setting a target at 790 rupees.\nShares of Bharti Hexacom can potentially double in three-to-four years on the back of expectation that the company may deliver 15-17% compounded growth in its operating profit, Dayanand Mittal, an analyst with JM Financial, wrote in a report on Friday. \nThe offering may further boost activity in the equities market that has mainly been hosting IPOs smaller than US$100 million in size over the past year. Those share sales drew a strong response from retail investors and surged after listing, drawing scrutiny by regulators concerned about market froth.  \nIn the past 12 months through April 11, only two offerings in India raised more than US$500 million. \nCompanies that went public in India over the past five years after IPOs larger than US$500 million rose 7.5% on average on their first trading day, according to Bloomberg-compiled data. That compares with a 32% increase for similar listings in Asia Pacific over the same period.  \nBharti Hexacom, a unit of Bharti Airtel, provides fixed-line telephone and broadband services in two circles in India that make up about 7% of industry customers, according to the prospectus. \nSBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities and IIFL Securities are the lead managers to the sale.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2427503767"}