Bharti Infra issue subscribed 1.3 times

Bharti Infra issue subscribed 1.3 timesBharti Infratel's received total subscription of more than Rs 4,365 crore or 1.3 times of the size of the issue on its final day, on Friday.

As per data released by the National Stock Exchange (NSE), the IPO attracted bids for more than 20.78 crore shares, of the 18.89 crore equity shares that the company offered in the main book building process.

While the response to the IPO from retail and non-institutional investors was fully muted, response from qualified institutional investors was impressively good.

The reserved portion of qualified institutional investors was oversubscribed 2.84 times.

The IPO, which had opened on December 11th, was price at Rs 210-240 per share. While at the upper end of the price band, it was to gather around Rs 4,533.60 crore for the company; at the lower end it was to raise Rs 3,966.90 crore.

It was the biggest IPO in India since Coal India's issue in October 2010.

Bharti Infratel, which offers passive infrastructure services on a non-discriminatory basis to telecom operators in the country, is 86.1 per cent owned by Bharti Airtel Ltd.