Bharti Hexacom Limited

Bharti Hexacom Limited, incorporated in April 1995, is a telecommunications services provider offering mobile, fixed-line and broadband services in the Rajasthan and North East India telecom circles, the latter covering Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. The company is a subsidiary of Bharti Airtel Limited, which holds 70% of its equity, with the Government of India holding the remaining 30% through Telecommunications Consultants India Limited. As of December 2023, the company served about 27.1 million customers across 486 census towns, supported by a distribution network of 616 distributors and roughly 89,500 retail touchpoints. Its customer market share has risen steadily in both circles, from about 33% to 35% in Rajasthan and from around 44% to 50% in the North East between March 2021 and December 2023. The company has invested heavily in digital network infrastructure, with cumulative capital expenditure of roughly Rs 20,600 crore as of December 2023, and draws operational and technology synergies from its relationship with parent Bharti Airtel. After a loss-making FY21, the business returned to sustained profitability in FY22 and FY23 alongside steady revenue growth.

The anchor book raised about Rs 1,923.75 crore ahead of the issue opening, with participation from major global institutional investors including Capital Group, Fidelity, BlackRock and the Abu Dhabi Investment Authority, alongside Wellington Management, Schroders, Aberdeen and Nomura, plus several large domestic mutual funds and insurers such as SBI Life, HDFC Life and ICICI Prudential Life, at the IPO's upper price band of Rs 570 per share.