Stock market today: Bharti Hexacom share price today opened on the BSE and NSE at a whopping 32 percent premium against the issue price of ₹542 to ₹570 per equity share.
However, after listing at a whopping 32 percent premium, Bharti Hexacom share price extended its listing gains further and touched an intraday high of ₹824.90 on NSE and ₹824.70 apiece on BSE.
According to stock market experts, Bharti Hexacom IPO received a strong response from the primary investors despite being 100 percent OFS in nature.
However, they maintained that the newly listed stock still possesses some steam and advised long-term investors to hold the scrip for more upside.
Bharti Hexacom share price outlookSpeaking on Bharti Hexacom share price, Prashanth Tapse, Senior VP — Research at Mehta Equities said, "Despite 100% OFS, Bharti Hexacom listed above street estimates.
Stock market today: Bharti Hexacom share price today opened on the BSE and NSE at a whopping 32 percent premium against the issue price of ₹542 to ₹570 per equity share. Shares of the 'Airtel' brand owner company listed on BSE at ₹755.20 per share while on NSE, the issue opened at ₹755 apiece in the special pre-open session. However, after listing at a whopping 32 percent premium, Bharti Hexacom share price extended its listing gains further and touched an intraday high of ₹824.90 on NSE and ₹824.70 apiece on BSE.
According to stock market experts, Bharti Hexacom IPO received a strong response from the primary investors despite being 100 percent OFS in nature. They said that a healthy listing was expected after the strong subscription but such a robust premium is a betther-than-expected premium. However, they maintained that the newly listed stock still possesses some steam and advised long-term investors to hold the scrip for more upside.
Bharti Hexacom share price outlook
Speaking on Bharti Hexacom share price, Prashanth Tapse, Senior VP — Research at Mehta Equities said, "Despite 100% OFS, Bharti Hexacom listed above street estimates. Healthy listing is justified after receiving a solid response on the last day of its issue biding wherein QIB (48.57x) and NII (10.51x) investors looked more aggressive to grab midcap telecommunication growth story followed by muted retail investors interest who bided only 2.81 times to the allotted quota. Overall it got oversubscribed by 29.87x."
The Mehta Equities expert said that the long-term term investors got a great opportunity to hold mid-cap telecommunications solutions providers and to play long-term India’s telecom structural ARPU growth story. Furthermore, Bharti Hexacom’s anchor book showcases top global investors such as Capital Group, Fidelity, Blackrock, and ADIA participating ahead of the opening of the IPO which gives all other investors more comforts to block money for the long term.
Highlighting the strong fundamentals that may fuel Bharti hexacom shares further, Prathamesh Masdekar, Research Analyst at StoxBox said, "The company enjoys extensive market coverage and penetration, evidenced from its number one position in the highly competitive North-East circle alongside a formidable second position in the Rajasthan circle. Moreover, one of the key focus areas is prudent capital allocation and improving return on capital employed, which is reflected in the capital expenditure on both spectrum and non-spectrum spending. Thus, we remain optimistic on the company’s performance going ahead and advise investors who have received allotment to hold shares from a medium to long term perspective."
"On valuation at CMP ₹821, it is matching the listed peers and even trading on premium to its parent. Hence, considering all the parameters we recommend allotted investors to “HOLD" the Bharti Hexacom Ltd for a long-term perspective only while those investors who wish to add on the listing days can wait and watch the space post listing performance and accumulate on dips," said Prashanth Tapse of Mehta Equities.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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