Bharti Infratel Prices IPO, Raises about $764 Million
December 17, 2012 9:12 PM EST
Indian telecommunications tower operator Bharti Infratel Ltd priced its initial public offering near the lower end of an indicative price range, raising about $764 million in the country's biggest IPO in two years.
Bharti Infratel, a unit of top Indian mobile phone carrier Bharti Airtel Ltd, said it fixed a price of 220 rupees a share for funds and wealthy investors and 210 rupees a share for retail investors. The company had set an indicative price range of 210-240 rupees for the IPO.
The IPO, which closed on Friday, was subscribed 1.3 times. In a pre-IPO sale, Bharti Infratel had agreed to allot shares to cornerstone investors at 230 rupees a share.
According to Reuters calculations, the share sale should have raised about 41.8 billion rupees and values Bharti Infratel at about $7.6 billion.
Bharti Infratel was selling more than three quarters of the total 188.9 million shares on offer, while four of its private equity investors, including arms of Temasek and Goldman Sachs, were selling the remainder.
Parent Bharti Airtel, which owned 86 percent of the tower operator before the IPO, was not selling any share.
Bharti Infratel plans to build new towers and upgrade existing towers with the IPO funds.
The shares should be listed on the Bombay Stock Exchange and National Stock Exchange towards the end of the month, said a person with direct knowledge of the matter, although the listing date is yet to be finalised.
Shares of Bharti Airtel, owned nearly a third by Singapore Telecommunications, were down 3.6 percent on Monday afternoon in a Mumbai market that was down 0.4 percent.
Most Popular Slideshows
- Pope Francis Meets Sudanese Woman Who Was Spared Death for Apostasy (PHOTOS)
- Malaysia Airlines Flight MH17: King Williem-Alexander, Queen Maxima Hold Solemn Reception Ceremony for Victims
- Jennifer Lawrence & Nicholas Hoult Allegedly Split: Mad Max Actor Cheats with Kristen Stewart & Riley Keough - Reports
- Transfer News: FC Barcelona Shockingly Sign Valencia Defender [PHOTOS]
Join the Conversation
- Malaysia Airlines Considers Changing Name After MH370 and MH17 Tragedies
- Fast Food Meat Scandal: McDonald’s Suspend Nuggets and McSpicy Chicken Filets
- Air New Zealand Flies Boeing 787-9 Dreamliner
- Solution to Your Old Unwanted Phones Comes with MobileMuster Scheme
- IBM Named Leader in Worldwide Managed Security Services
- Apple iPhone 6 on Two Confirmed Release Dates, New Parts Leaked Suggesting Bigger iPhone to Come
- Google Nexus 6, 8 with Android L on Release Date Promises Killer Mobile Device Experience
- Xiaomi Mi4 vs OnePlusOne vs Nexus 5: Mi4 is the ‘Perfect’ Phone
- iPhone 6 Release Date Relevance to iOS Newbies: Specs Meaning, Price Considerations
- Israeli Women Stripping Naked for IDF Soldiers
- HTC One M8 Android 4.4.3 KitKat Update Roll Out, Introducing the HTC One Remix
- Shocking Video of Pedigree Dog Culling in Bali Emerges [Video]