Bharti Infratel IPO
Bharti Infratel IPO — date, price band, lot size & details 2012
Bharti Infratel listed on 28 Dec 2012 at ₹200, 9.1% below the ₹220 issue price.
Bharti Infratel is one of the world's largest telecom tower infrastructure providers, owning and managing towers for wireless operators, and holds a stake in Indus Towers. Its total income was Rs 4,269.22 crore in FY2012.
Stock price
Bharti Infratel is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 12 November.
- Open 11 Dec 2012
- Close 14 Dec 2012
- Allotment 22 Dec 2012
- Refund/credit TBA
- Listing 28 Dec 2012
Issue summary
The terms of the offer, as filed.
| IPO Dates | 11 to 14 Dec, 2012 |
|---|---|
| Price Band | ₹210 – ₹240 |
| Face Value | ₹10 |
| Lot Size | 50 Shares |
| Issue Size | ₹4172.76 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 11,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 50 shares at the ₹220 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 50 | ₹11,000 |
| Retail (max) | 18 | 900 | ₹1,98,000 |
| S-HNI (min) | 19 | 950 | ₹2,09,000 |
| S-HNI (max) | 90 | 4,500 | ₹9,90,000 |
| B-HNI (min) | 91 | 4,550 | ₹10,01,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 3,239.51 crore in FY2010 to Rs 4,269.22 crore in FY2012.
- 02EBITDA rose from Rs 1,329.45 crore in FY2010 to Rs 1,747.82 crore in FY2012.
- 03It had no borrowing on 30 September 2012.
- 04Net worth was Rs 14,865.67 crore on 30 September 2012.
- 05Rs 1,086.56 crore of the issue was for 4,813 new towers.
Risks · 5
- 01Profit after tax was Rs 447.44 crore in FY2012 on net worth of Rs 14,865.67 crore, a low return on capital.
- 02Its income depends on a few telecom operators, led by its own promoter Bharti Airtel, which held 79.42% after the issue.
- 03Tower demand depends on operators' network spending, which can slow when they cut capex; total assets were Rs 18,185.72 crore.
- 04Rs 942.48 crore of the issue went to selling investors.
- 05Bharti Airtel held 86.09% before the issue and 79.42% after it, so it controls the company.
Three years of numbers
All figures in ₹ crore, as reported in the Bharti Infratel offer document.
| Metric | 30 Sep 2012 | 31 Mar 2012 | 31 Mar 2011 | 31 Mar 2010 |
|---|---|---|---|---|
| Assets | 18,185.72 | 17,997.80 | 18,217.64 | 17,399.65 |
| Total Income | 2,637.10 | 4,269.22 | 3,869.47 | 3,239.51 |
| Profit After Tax | 663.95 | 447.44 | 358.67 | 269.24 |
| EBITDA | 1,330.82 | 1,747.82 | 1,530.28 | 1,329.45 |
| NET Worth | 14,865.67 | 14,743.17 | 14,351.37 | 14,036.15 |
| Reserves and Surplus | 13,123.26 | 14,162.37 | 13,770.57 | 13,455.35 |
| Total Borrowing | 0.00 | 0.06 | 0.00 | 480.00 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Bharti Infratel RHP.
Where the money goes
₹3,144.64 Cr of the issue is earmarked to named objects.
About the company
It is one of the world's largest telecom tower infrastructure providers, deploying, owning and managing towers and communication structures for wireless operators.
Bharti Infratel and Indus acquire, build, own and run towers and provide access to them mainly to wireless telecom operators.
The IPO was Rs 4,172.76 crore, with Rs 3,230.28 crore of fresh issue and Rs 942.48 crore of offer for sale by investors, at Rs 220, within the Rs 210 to Rs 240 band. The fresh money was for new towers, upgrading existing towers and green energy at tower sites.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Bharti Infratel IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
HSBC Securities & Capital Markets (India) Pvt. Ltd.
59 issues handledBest listing: Dishman Pharmaceuticals & Chemicals (+97.1%). Weakest: Bannari Amman Spinning Mills (-25.2%).
Axis Capital
260 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
221 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Bannari Amman Spinning Mills (-25.2%).
Kotak Mahindra Capital Company Limited
204 issues handledBest listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).
Bofa Securities India Limited
64 issues handledBest listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).
HDFC Bank Limited
34 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Precision Camshafts (-11.3%).
Ubs Securities India Private Limited
22 issues handledBest listing: BGR Energy Systems (+75.0%). Weakest: Orient Green Power Company (-2.8%).
JP Morgan India Pvt. Ltd
41 issues handledBest listing: Premier Energies (+120.0%). Weakest: Nuvoco Vistas Corporation (-14.9%).
Deutsche Equities India Pvt. Ltd
14 issues handledBest listing: Reliance Petroleum (+66.6%). Weakest: Adlabs Entertainment (-9.9%).
Barclays Securities (India) Pvt. Ltd
1 issue handled1 of their issues has listed so far, and 1 opened above the issue price (average +11.9%). That is too small a sample to read as a hit rate.
Standard Chartered Securities (India) Ltd
24 issues handledBest listing: Vivimed Labs (+87.1%). Weakest: Abhishek Mills (-14.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Bharti Infratel?
The current Grey Market Premium is ₹0.
What is the Bharti Infratel IPO price band?
₹210 to ₹240, on a face value of ₹10.
When is the allotment?
The basis of allotment is 22 December 2012, with listing on 28 December 2012.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
