Vodafone-Idea stock price up by more than 11% today

23 Apr 2024 , 03:18 PM

Vodafone Idea (Vi) stock surged over 11% on the NSE on Tuesday, following the full subscription of its ₹18,000 Crore follow-on public offer (FPO), which stands as India’s largest. The FPO attracted significant attention from global institutional investors such as GQG, Capital Group, and Fidelity Investments.

The qualified institutional buyers (QIBs) component was really subscribed 1.23 times, while the non-institutional investors (NIIs) and retail segments were subscribed 1.93 times and 42%, respectively.

Rajiv Jain’s GQG Partners, which had invested almost ₹1,350 Crore in Vi’s anchor book, continued to back the FPO on Monday. Last week, Vi received funds of ₹5,400 Crore from 74 anchor investors by allotting 4.91 billion shares at ₹11 each.

Vodafone Idea’s follow-on public offering (FPO) was subscribed 6.36 times by April 22, the final day of bidding, with investors asking for 8,011.8 Crore equity shares, according to subscription data from exchanges.

Qualified institutional buyers (QIBs) took the lead, subscribing 17.56 times the amount reserved for them. Non-institutional investors purchased 4.13 times their allocated number of reserved shares. Retail investors purchased 91% of their allotted number of shares.

At around 3.09 PM, Vodafone Idea was trading 11.24% higher at ₹14.35, against the previous close of ₹12.90 on NSE. The counter rose to an intraday high and low of ₹14.75 and ₹12.95, respectively.

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