Bharti Infratel, one of India’s largest providers of telecommunication towers and other infrastructure, has raised about Rs41.719 billion $763 million from the largest initial public offering in India in two years.
The company, which is controlled by Bharti Airtel, the leading provider of wireless services in India, sold 10% of its enlarged share capital although close to a quarter of the shares came from four pre-IPO shareholders, namely Temasek, Goldman Sachs, Anadale and Nomura.
Overall, the demand was not that spectacular and the total offering, excluding the 15% anchor tranche, was just 1.3 times covered. However, it was mainly the domestic demand that was weak, which may...
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