Shares of Bharti Hexacom made an stellar debut today (April 12) as they listed with 32.4 per cent premium at ?755 against the IPO price of ?570 beating estimates of 12-15 per cent premium. The ?4,275-crore IPO of Bharti Airtel's subsidiary is India's biggest public issue in one year.

The issue had a robust subscription figures at nearly 30 times its allotted quota with Qualified institutional investors subscribing 48.57 times their allocation, Non-institutional investors buying 10.52 times their portion and retail subscribing 2.83 times the reserved portion.

Bharti Hexacom's anchor book showed top investors such as Capital Group, Fidelity, Blackrock, and ADIA participating ahead of the IPO opening through which the company raised around ?1,924 crore.

The issue opened for subscription on April 3 and closed on April 5 and was entirely an offer-for-sale of 7.5 crore shares by which Telecommunications Consultants India- which was the only public shareholder in the company- offloaded shares.

The company was established in 1995 and company offers fixed-line telephone and broadband services in Rajasthan and in the North East. In these regions, the company serves 27.1 million customers across 486 census towns through a distribution network of 616 distributors and 89,454 retail touchpoints. For the fiscal year 2023, the company witnessed a 67.2 per cent year-on-year decline in net profit, amounting to ?549.2 crore.