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Bharti Infratel IPO is a book built issue of Rs 4,155.80 crores.
Bharti Infratel IPO bidding started from December 11, 2012 and ended on December 14, 2012. The shares got listed on BSE, NSE on December 28, 2012.
Bharti Infratel IPO price band is set at ₹210 to ₹240 per share. The minimum lot size for an application is 50 Shares. The minimum amount of investment required by retail investors is ₹12,000.
Barclays Securities (India) Private Limited, Bofa Securities India Limited, Deutsche Equities India Private Limited, Axis Capital Limited, Hdfc Bank Limited, Hsbc Securities & Capital Markets Pvt Ltd, ICICI Securities Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Standard Chartered Securities (India) Limited and Ubs Securities India Private Limited are the book running lead managers of the Bharti Infratel IPO, while Kfin Technologies Limited is the registrar for the issue.
Refer to Bharti Infratel IPO RHP for detailed information.
| IPO Date | December 11, 2012 to December 14, 2012 |
| Listing Date | December 28, 2012 |
| Face Value | ₹10 per share |
| Price Band | ₹210 to ₹240 per share |
| Lot Size | 50 Shares |
| Total Issue Size | 188,900,000 shares (aggregating up to ₹4,155.80 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 1,742,408,730 |
| Share holding post issue | 1,888,642,842 |
Bharti Infratel IPO offers 160,565,000 shares. 66,115,000 (41.18%) to QIB, 28,335,000 (17.65%) to NII, 66,115,000 (41.18%) to RII. 1,322,300 RIIs will receive minimum 50 shares and (sNII) and (bNII) will receive minimum 850 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | - | NA |
| QIB Shares Offered | 66,115,000 (41.18%) | NA |
| NII (HNI) Shares Offered | 28,335,000 (17.65%) | |
| Retail Shares Offered | 66,115,000 (41.18%) | 1,322,300 |
| Total Shares Offered | 160,565,000 (100%) |
Investors can bid for a minimum of 50 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 50 | ₹12,000 |
| Retail (Max) | 16 | 800 | ₹192,000 |
| Lot Size Calculator | |||
The promoter of the company is Bharti Airtel.
| Share Holding Pre Issue | 86.09% |
| Share Holding Post Issue | 79.42% |
Incorporated in 2006, Bharti Infratel Limited is a provider of tower and related infrastructure. Bharti Infratel is one of the world's largest telecom tower infrastructure providers which deploys, owns and manages telecom towers and communication structures for all wireless operators. The business of Bharti Infratel and Indus is to acquire, build, own and operate tower and related infrastructure.
Bharti Infratel and Indus currently provide access to their towers primarily to wireless telecommunications service providers. Bharti Infratel's and Indus's three largest customers are Bharti Airtel (together with Bharti Hexacom), Vodafone India and Idea Cellular. They are the three leading wireless telecommunications service providers in India by wireless revenue.
In India, Infratel has over 34,000+ towers, across 18 states, and 11 Telecom circles, and still growing. Bharti Infratel also has a 42% stake in Indus Towers which was created as a Joint Venture between Bharti Infratel, Vodafone and Aditya Birla Telecom to hive off the Towers business in 15 telecom circles.
| Particulars | For the year/period ended (in Rs. Million) | |||||
| 30-Sep-12 | 31-Mar-12 | 31-Mar-11 | 31-Mar-10 | 31-Mar-09 | 31-Mar-08 | |
| Total Income | 50,908.9 | 95,970.6 | 86,257.9 | 71,288.4 | 51,772.7 | 7,057.0 |
| Profit After Tax (PAT) | 4,604.6 | 7,507.3 | 5,514.8 | 2,529.7 | 1,952.4 | 403.7 |
| KPI | Values |
|---|---|
| ROE | 5.3% |
| ROCE | 7.8% |
| RoNW | 5.2% |
The objects of the issue are to:
1. Installation of 4,813 new towers;
2. Upgradation and replacement on existing towers;
3. Green initiatives at tower sites;
4. General corporate purposes; and
5. Benefits of listing of the Equity Shares on the Stock Exchanges.
[Dilip Davda]
On BIL's performance part, for last three fiscals it has posted an average EPS of Rs. 3.46. For H1 of current fiscal it has posted annualized EPS of Rs. 5.28 and its NAV stands at Rs. 82.10 (on consolidated basis). These earnings give EPS of Rs. 4.89 on fully diluted equity. Thus the asking price is at a P/E of 43 to 49 on lower-upper price band and looks very aggressive. As per company, they have no listed peers to compare this. It has issued bonus shares in the ratio of 9999 for 1 in August 2008 and 2 for 1 in August 2012. Shares issued to private equity players at Rs. 788.56 in March 2010 got adjusted to Rs. 262.85 post bonus and thus they are exiting at a discount to their acquisition cost and are raising doubt on likely future of BIL. Considering higher asking price, it is better to buy at discount post listing. Application in this IPO with loan fund is not at all advisable.
Read detail review...The Bharti Infratel IPO is subscribed 1.30 times on December 14, 2012 8:15:00 PM. The public issue subscribed 0.19 times in the retail category, 2.84 times in the QIB category, and 0.29 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 2.84 |
| NII | 0.29 |
| Retail | 0.19 |
| Total | 1.30 |
CRISIL has assigned a IPO Grade 4/5 to the IPO of Bharti Infratel. This grade indicates that the fundamentals of the Bharti Infratel IPO are 'above average' relative to the other listed equity securities in India. CRISIL assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Please note that this grade is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals. The grade is not a recommendation to buy, sell or hold the graded instrument, or a comment on the graded instrument's future market price or its suitability for a particular investor.
Read Bharti Infratel IPO Grading Report
The promoter of Bharti Infratel has offered Rs 10 discount to retail investors in Bharti Infratel IPO shares. The discount will be given on the final price of the IPO shares.
| Listing Date | December 28, 2012 |
| BSE Script Code | 534816 |
| NSE Symbol | INDUSTOWER |
| ISIN | INE121J01017 |
| Final Issue Price | ₹220 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹220.00 |
| ₹200.00 |
| ₹188.70 |
| ₹200.00 |
| ₹191.20 |
| NSE |
|---|
| ₹220.00 |
| ₹200.00 |
| ₹188.65 |
| ₹200.85 |
| ₹191.65 |
Bharti Infratel Limited
Bharti Crescent, 1 Nelson Mandela Road,
Vasant Kunj, Phase-II,
New Delhi 110 070
Phone: +91 11 4666 6100
Email: compliance.officer@bharti-infratel.in
Website: http://www.bharti-infratel.com/
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: einward.ris@karvy.com
Website: https://kosmic.kfintech.com/ipostatus/
Lead Manager Reports
Bharti Infratel IPO is a main-board IPO of 188,900,000 equity shares of the face value of ₹10 aggregating up to ₹4,155.80 Crores. The issue is priced at ₹210 to ₹240 per share. The minimum order quantity is 50 Shares.
The IPO opens on December 11, 2012, and closes on December 14, 2012.
Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
The Bharti Infratel IPO opens on December 11, 2012 and closes on December 14, 2012.
Bharti Infratel IPO lot size is 50 Shares, and the minimum amount required is ₹12,000.
You can apply in Bharti Infratel IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Bharti Infratel IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the Bharti Infratel IPO allotment status.
Dilip Davda
SEBI registered Research Analyst
Mumbai
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