Gets Rs 4,365 cr bids

The biggest initial public offer in over 2 years, made by telecom tower company Bharti Infratel, has received total subscription of over Rs 4,365 crore or 1.3 times the issue size on its last day today.

The IPO, biggest since Coal India’s offer in October 2010, attracted bids for over 20.78 crore shares -- of the 18.89 crore equity shares offered in the main book building process -- translating to 1.3 times subscription, as per stock exchange data at 16 p.m.

Of the total shares reserved for retail investors, there were bids for just 6 per cent, while institutional investors category was subscribed 10 per cent.

On the other hand, the Qualified Institutional Buyers (QIBs) book, which closed yesterday, was subscribed 2 times.

The issue was in the price band of Rs 210-240 a share. It had opened on December 11.

At the upper end of the price band, Bharti Infratel was to raise about Rs 4,533.60 crore, while at the lower end it could end up with Rs 3,966.90 crore.

The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.

Sunil Bharti Mittal led-company Bharti Airtel, which owns about 86 per cent of Bharti Infratel, is not participating in the share sale.

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