Bharti Infratel prices IPO, raising about $764 mln
NEW DELHI (Reuters) - 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 (BRTI.NS), 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 (GS.N), 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 (STEL.SI), were down 3.6 percent on Monday afternoon in a Mumbai market that was down 0.4 percent.
(Reporting by Devidutta Tripathy; Editing by Muralikumar Anantharaman)
- Tweet this
- Share this
- Digg this
- Pakistani family sentenced to death over "honour killing" outside court
- Alumnus dead after opening fire at Florida State University, wounding 3 |
- Mike Nichols, award-winning American director, dies at 83
- UPDATE 2-Doctor who treated source of second Mali Ebola outbreak dies
- Mike Nichols, award-winning American director, dies at 83 |
Kotak Mahindra Bank has agreed to buy ING Vysya in an all-share deal valuing its smaller rival at $2.4 billion, bulking up as analysts predict the start of long-awaited consolidation in a crowded banking sector. Full Article
U.S. court overturns bid by Ranbaxy to block launch of rival generic drugs. Full Article
Tech Mahindra to buy U.S.-based network services operator for $240 million Full Article
Infosys unit's overbilling Apple led to exit of top execs - sources. Full Article