Vodafone Idea FPO subscribed 6x on final day, QIBs outpace
Vodafone Idea’s follow-on public offer (FPO) was subscribed 6.36 times by April 22, the final day of bidding, with investors bidding for 8,011.8 crore equity shares, subscription data from exchanges showed.
The country’s third-largest telecom operator has offered 1,260 crore shares in the Rs 18,000-crore FPO, the largest such offering in the country. This move is part of a larger strategy to gather Rs 45,000 crore through a combination of debt and equity.
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Qualified institutional buyers (QIBs) have taken the lead, subscribing 17.56 times the portion reserved for them. Non-institutional investors purchased 4.13 times their allotted quota of shares reserved. Retail investors picked 91 percent of their allotted quota of shares.
Vodafone Idea’s follow-on public offer (FPO) seems to have been a success! Here’s a breakdown of the news:
- Vodafone Idea FPO subscribed 6x:Â The company received bids for 6 times the number of shares they were offering. This is a good sign of investor interest.
- QIBs outpace:Â “QIB” stands for Qualified Institutional Buyers, which are typically large investors like banks and mutual funds. The news suggests that these institutional investors participated more actively than retail investors (individual investors).
- Final day:Â This means the bidding period for the FPO has closed.
This is positive news for Vodafone Idea as it will raise much-needed capital. You can find more details about the FPO on financial news websites like Moneycontrol [moneycontrol vodafone idea fpo].