Bharti Infratel Rs 4,500-crore IPO subscribed 44.6% on Day 2

MUMBAI: Bharti Infratel's Rs 4,500-crore initial public offer, tipped as the second biggest public issue in the last two years, was overall subscribed 44.6 per cent on the second day of the issue today.

The telecom tower company's IPO received bids for 5.59 crore shares out of 18.89 crore equity shares offered in the main book building process, according to stock exchange data.

Together with institutional book building, which includes anchor investors, the overall issue was subscribed 44.6 per cent.

Besides, the Qualified Institutional Buyers (QIBs) category was subscribed 81 per cent of their quota of 5.35 crore shares, while shares reserved for retail investors received 3.5 per cent subscription.

Of the 8.19 crore shares reserved for institutional investors, bids have been received for 86.7 per cent shares including anchor investors, who picked up 15 per cent share.

The issue, which will close on December 14, is in the price band of Rs 210-240 per share.

At the upper end of the price band, Bharti Infratel would raise about Rs 4,533.60 crore, while at the lower end it could end up with Rs 3,966.90 crore.

The equity shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.

Bharti Airtel, which owns about 86 per cent of Bharti Infratel, is not participating in the share sale.