Bharti Hexacom reported a net profit of Rs 549.2 crore in financial year 2022-23, a which had dropped over of 67 per cent compared to the previous fiscal year.
The initial public offering of Bharti Hexacom, which is owned by Bharti Airtel, is likely to launch its initial stake sale in the beginning of April. According to the media reported by CNBC TV18, the company is seeking a valuation of more than Rs 28,000 crore. The company, as per the reports, may raise Rs 4,300 crore via its initial public offering (IPO).
Bharti Hexacom, a communications solutions provider, had received the approval to launch its primary stake sale on March 19 from the Securities and Exchange Board of India (Sebi). Bharti Hexacom offers consumer mobile services, fixed-line telephone and broadband services under the Airtel brand to customers in Rajasthan and the North East.
Bharti Airtel, the promoter company of Bharti Hexacom, holds 70 per cent stake, or 35 crore equity shares, of the company, while remaining 30 per cent stake, or 15 crore equity shares are owned by non-promoter Telecommunications Consultants India.
The proposed issue is likely to be entirely an offer-for-sale up to 10 crore shares by Telecommunications Consultants India, the only public shareholder of the company. Bharti Hexacom will not receive any proceeds as it is a pure OFS play and entire proceeds shall go to the selling shareholder.
Bharti Hexacom reported a net profit of Rs 549.2 crore in financial year 2022-23, a which had dropped over 67 per cent compared to the previous fiscal year. Its revenue remained strong rising about 22 per cent to Rs 6,579 crore for the year. For the six months ended September, it clocked a revenue of Rs 3,420 crore, with a net profit of Rs 69 crore.
SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book-running lead managers to the IPO. Kfin Technologies Limited is the registrar of the issue.
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