Bharti Hexacom sparkles on market debut; stock gain 43% at Rs 814

Shares of telecom service provider Bharti Hexacom surged as much as 54 per cent during their trading debut on Friday. After hitting a high of Rs 880, the stock closed at Rs 814, with a gain of 43 per cent over its issue price of Rs 570. The stellar debut follows a strong response to the company’s Rs 4,275-crore initial public offering (IPO), which was subscribed nearly 30 times. The IPO was the largest since Mankind Pharma’s Rs 4,326-crore share sale in April last year.

Bharti Hexacom, a subsidiary of Bharti Airtel, provides fixed-line telephone and broadband services primarily in two circles—Rajasthan and North East (NE)—and accounts for about 7 per cent of total customers.