Bharti Hexacom set to start trading after country’s biggest IPO in a year

Telecom service provider Bharti Hexacom Ltd. is set to start trading in Mumbai after an initial public offering that raised Rs 4,275 crore ($514 million) to become India’s largest in about a year.

Shareholder Telecommunications Consultants India Ltd. sold 75 million shares in the company at Rs 570 apiece last week, the top of a marketed range. The offering drew bids for more than 30 times the number of shares on offer. Trading begins at around 10 a.m. local time on Friday.

Bharti Hexacon’s IPO is the country’s largest since Mankind Pharma Ltd. raised Rs 4,330 crore a year ago. A strong start could help open a window for more large deals in India, dubbed by bankers as one of the hottest spots for first-time share sales in Asia this year.