Bharti Hexacom IPO booked 50% so far on Day 2
Bharti Hexacom's IPO is completely an offer-for-sale and has no fresh equity issue. The company's shares were trading with a premium of Rs 40 in the unlisted market ahead of the issue launch.
Bharti Hexacom's IPO is completely an offer-for-sale and has no fresh equity issue. The company's shares were trading with a premium of Rs 40 in the unlisted market ahead of the issue launch.
Bharti Hexacom IPO consists solely of an offer-for-sale (OFS) component, without any fresh issue of shares. Telecommunications Consultants India (TCIL), the sole public shareholder in the company, will offload 7.5 crore equity shares or a 15% stake in the OFS.
While an IPO is the preferred option for Hexaware, alternatives include a stake sale to an investment firm or industry peer, the people said.
Bharti Hexacom runs mobile services in Rajasthan and the northeast circles. Parent company, Bharti Airtel is not selling any shares and will retain its 70% stake in Bharti Hexacom, post-IPO. TCIL’s stake, however, will halve to 15%. The Bharti Hexacom IPO closes on April 5.
While Reddit still relies on advertising for the vast majority of its revenue, it touted AI in its IPO marketing roadshow as an area of growth. It also disclosed last week that the U.S. Federal Trade Commission is looking into its AI data licensing deals.
By the tech industry's standards, Reddit remains extraordinarily small for a company that has been around as long as it has.
The government is looking to garner around Rs 10,000 crore through the stake sale by Telecommunications Consultants, a state-owned telecom engineering and consulting firm with business interests overseas, including in pan-African and West Asia markets.
Reddit, which has been involved in patent infringement litigation in the past, is targeting a valuation of up to $6.5 billion for its IPO in one of the most-anticipated share sales in recent years.
At the top of that range, Reddit - whose users helped create the meme stock frenzy of 2021 - would have a market value of $5.4 billion, based on an expected nearly 159 million shares outstanding. Fully diluted to include employee stock options and restricted share units, its valuation would be about $6.4 billion, the filing with the US SEC shows.
NTT, which owned stake through its investment firm Hatch Investments (Mauritius), became Nihilent’s biggest shareholder in 2017 when it picked up a 34.6% stake from South Africa’s Adcorp Workforce Management Solutions, which used to jointly own Hatch Investments along with NTT-owned firm Dimension Data Protocol.
Airtel is selling 20% of its equity in a move aimed at raising 800 billion Ugandan shillings ($213 million).