The telecom company has filed a draft red herring prospectus with capital markets regulator Security and Exchange Board of India. Since the public offer is not a new issue, Airtel will not receive any proceeds from the IPO, the company said.
Bharti Hexacom – founded in 1995 – is engaged in the telecommunications business in Rajasthan and the Northeast Circle. It is also the provider of landline and broadband services in Rajasthan. As of September 30, the company was present in 486 census cities and had a total of 29.1 million customers in both counties.
The company relies on a robust network infrastructure with a mix of owned and leased assets. As of September 30, the company had 23,748 network towers, of which it owned 5,005.
On the NSE, shares of Airtel rose as much as 1.27% during the day to hit a record high of Rs 1,139.25 apiece. Earnings were pared to close 0.11% lower at Rs 1,123.75 per share, compared with a 0.23% decline in the benchmark Nifty 50. The IPO announcement was made during trading hours.
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