Bharti Infratel IPO raises $764 million
Bharti Infratel, the tower arm of Bharti Airtel, has reportedly raised approximately $764 million in its IPO.
The listing, which closed on Friday, was India’s largest in the last two years having been subscribed 1.3 times in a pre-IPO sale.
Infratel fixed a price of 220 rupees per share for funds and wealthy investors, 210 rupees per share for retail investors and 230 rupees per share to cornerstone investors. The indicative price range for the IPO was 210 to 240 rupees.
Reuters calculates that the IPO raised around $764 million, valuing Infratel at about $7.6 billion.
Infratel plans to build additional towers and upgrade its existing infrastructure with the funds.
More than three quarters of the 188.9 million shares on offer were sold by Infratel, while four of Infratel’s private equity investors, including Temasek and Goldman Sachs, sold the remainder.
The shares are expected to be listed on the Bombay Stock Exchange and National Stock Exchange near the end of December, a source told the newswire.
Bharti Airtel, holder of 86% of Infratel’s shares, did not take part in the sale.