Vodafone Idea's FPO Fully Subscribed, Shares Slumps Over 5%

Vodafone Idea, the country's third-largest telecom operator, follow-on public offer (FPO) on the third and final day of bidding was fully subscribed with global institutional investors showcasing keen interest in the telecom operator.

The company initiated a FPO worth Rs 18,000, encompassing 1,260 crore shares, the largest offering of its kind in the country, as part of its financial strategy aiming to raise Rs 45,000 crore through a mix of debt and equity.

The FPO was open on April 18 and conclude on today, April 22, 2024, with a price band fixed at Rs 10-11 per share.

Details

Non-Institutional buyers (NIIs)- subscribed 2 times their portion

Qualified institutional buyers (QIBs)- Purchased 1.34 times their allotted quota

Retail investors- Picked 43 percent of their allotted shares

Furthermore, at the upper price band of Rs 11, the company raised Rs 5,400 crore from institutional investors, through anchor book.

The book running lead managers for the Vodafone FPO were Axis Capital, Jefferies India, and SBI Capital Markets, with Link Intime India as the registrar.

The FPO shares will debut on both BSE and NSE on April 25, 2024.

Vodafone Idea Shares

The shares of Vodafone Idea on Monday at 1:50 pm IST on NSE were at Rs 12.20, down by 5.43 per cent.

Financial Highlights

In Q3FY24, the company reported a revenue of Rs 32,044.9 crore and a Profit After Taxes (PAT) of Rs 23,563.80.