Bharti Infratel has fixed the issue price of its initial public offering at Rs 210 for retail and Rs 220 a share for other investors, including qualified institutional buyers and high networth individuals.
This is lower than the price of Rs 230 a share discovered through the book-building process, the company said in a statement.
The shares offered through the issue would be listed on the National Stock Exchange of India Ltd (NSE) and BSE Ltd. NSE is the designated stock exchange for the issue, it said.
Bharti Infratel’s Rs 4,500-crore IPO was subscribed 1.3 times. The company, the tower arm of the country’s largest mobile operator Bharti Airtel, had fixed the price band at Rs 210-240 a share for the initial stake sale to the public, which opened on December 11.
On December 10, a day before its opening, Bharti Infratel had received Rs 651.7 crore from 18 anchor investors, including Morgan Stanley and Sundaram MF. The company had allocated 2.83 crore shares or 15 per cent of the issue size at Rs 230 a piece.
Bharti Infratel had fixed the price band at Rs 210-240 a share for the initial stake sale to the public, which had opened on December 11. This would be the second tower company to be listed on the bourses, with GTL Infrastructure being the only other firm.
The Sunil Bharti Mittal led-company's IPO is the biggest public issue in the last two years, after the State-run Coal India issue raised Rs 15,200 crore in 2010. The tower company intends to use the IPO proceeds to fund its expansion and acquisitions.
However, Bharti Airtel, which owns about 86 per cent of Bharti Infratel, is not participating in the share sale.