Vi FPO fully subscribed

Vodafone Idea’s follow-on public offer (FPO) has been fully subscribed to by 6.36 times, with bids for 8,011 crore shares against 1,145.45 crore shares on offer as of 5 pm. The company raised Rs 18,000 crore by offering a fresh issue of 16.364 shares.

The FPO attracted nearly Rs 90,000 crore in bids from investors. As much as two-thirds of the subscriptions came from overseas investors. The three-day bidding, was kicked-off on Thursday, April 18.

The qualified institutional buyers (QIB) leading with subscription of 17.56 times. The face value of the equity shares is Rs 10 each. US-based GQG Partners, which had subscribed for shares worth Rs 1,347 crore in the anchor quota, applied for additional shares in the main book of the FPO. Additionally, several other foreign institutional investors, such as Capital Group and Fidelity Investments, subscribed to the issue.

Non-institutional investors was oversubscribed 4.5 times at the upper end of the price band. The retail portion was subscribed one time. In all, the FPO received 11,59,356 applications.

The telco had raised Rs 5,400 crore from 74 anchor investors by allotting 4.909 billion shares via the anchor book in the upper price band of Rs 11. The price band for the offer was fixed at Rs 10-11 apiece. GQG, UBS, AustralianSuper, Fidelity, Redwheel Funds, Abu Dhabi Investment Authority, Allspring Global Investments, Morgan Stanley Investment Funds, Government Pension Fund Global, Copthall Mauritius Investment, and Societe Generale were among those that subscribed to the telco’s anchor book.

Citigroup, Goldman Sachs, Morgan Stanley, GQG Partners, Fidelity, UBS Fund Management, Redwheel Funds, HDFC Mutual Fund, Government Pension Fund Global, Carnelian Capital, Copthall Mauritius Investment, and Societe Generale were among the anchor investors.

After the equity fundraise, Vodafone Idea is likely to witness an overall dilution of 26%.

Shares of VIL remained volatile in secondary market trading. The stock hit a high of Rs 13.03 and a low of Rs 12.13, before ending at Rs 12.89 on the BSE, down 0.23 per cent over its previous close. The price band for the FPO was Rs 10-11.

Axis Capital, Jefferies India and SBI Capital Markets are the book-running lead managers of the Vodafone FPO, while Link Intime India is the registrar for the issue. The FPO shares will be listed on the bourses, both BSE and NSE, on Thursday, April 25, 2024.

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CT Bureau