Vodafone Idea FPO Subscription closes today; Check latest subscription details

22 Apr 2024 , 11:45 AM

The Vodafone Idea Follow-On Public Offering (FPO) opened for subscription on Thursday, April 18, and is scheduled to close today on April 22.

At the time of writing, on Monday, Vodafone Idea’s share price was trading 3.64% lower at ₹12.45 per share on the BSE.

As of the third day of subscription, the current subscription status indicates that the offering has been subscribed to 0.73 times. Notably, non-institutional investors (NIIs) have oversubscribed by 1.45 times, while retail investors subscribing by 0.30 times. Qualified institutional buyers (QIBs) have also demonstrated significant interest, subscribing by 0.94 times.

The FPO comprises freshly issued equity shares worth up to ₹18,000 Crore. The price band for the offering is set between ₹10 to ₹11 per share, with bids accepted in multiples of 1,298 equity shares and a minimum bid limit of 1,298 shares.

Vodafone Idea intends to utilize the net proceeds from the offering as outlined in the red herring prospectus (RHP), including allocating ₹12,750 Crore for network infrastructure expansion, ₹2,175 Crore for deferred payments to the Department of Telecommunications (DoT) for spectrum, and the remaining funds for general corporate purposes.

Prior to the FPO, Vodafone Idea secured approximately ₹5,400 Crore from anchor investors, including Australian Super, GQG Partners, Fidelity Investments, UBS Fund Management, and Jupiter Fund Management.

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