Vodafone Idea FPO Listing: FPO shares of Vodafone-Idea got listed in the exchange today. This is the country’s largest follow-on public offer (FPO) Was. It received a very good response from investors. It was subscribed seven times on the last day of bidding. However, today the FPO shares have been listed with a 10 percent discount. Aditya Birla Group Chairman Kumar Mangalam Birla was also present in the listing of the company’s stock. He expressed happiness and thanked the investors and the government. Also said that Vodafone Idea is a national asset. The company will spend the money received from FPO on network expansion and technology. After this, Voda-Idea 2.0 will be launched.
What were the details of FPO?
The FPO was opened for bidding by retail investors from April 18 to April 22. Vodafone Idea Limited FPO is a main-board FPO of 16,363,636,363 equity shares of face value of Rs 10 each. Axis Capital Ltd, Jefferies India Pvt Ltd and SBI Capital Markets Ltd are the book running lead managers of the FPO, while Link Intime India Pvt Ltd is the registrar to the issue. Vodafone Idea Limited had fixed the price band for FPO at Rs 10 to Rs 11.
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What will the company do with the money?
Under the FPO, the offer was made in the price range of Rs 10-11 per share. This is less than the current market price of shares. This issue saw the highest ever purchases in the Qualified Institutional Buyers (QIB) and HNI segments. For the first time, the large retail portion of Rs 6,300 crore also got fully subscribed. The target is to list the FPO shares in the market on April 25. This FPO of Vodafone Idea Limited is the biggest till date. Earlier, the largest FPO in the Indian market was Yes Bank’s Rs 15,000 crore in the year 2020. The amount raised from this FPO will help Vodafone Idea in improving its position in the telecom market. This amount will help the company to offer 5G services and strengthen the network of 4G services. Apart from this, it will also help in raising finance for payment of outstanding loans.
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