The £1.8 bn follow-on public offer (FPO) of telecoms services provider Vodafone Idea was subscribed seven times, the biggest such fund-raising move by demand size. The FPO, largest in Indian history in terms of the funds raised, was offered in the price band of Rs 10 to Rs 11 and was open from April 18 to April 22.
On April 16, the company had raised £540 mn from a host of foreign and domestic funds that included Fidelity, UBS, Goldman Sachs, Morgan Stanley, and mutual funds like HDFC, Motilal Oswal and Quant. The subscription for the balance £1.26 bn was offered in the bidding process which was subscribed seven times and generated a demand of about £8.8 bn. Together with the anchor part, total demand for the FPO stood at about £9.35 bn.
According to BSE, the institutional part of the FPO (£360 mn) was subscribed 19.3 times, the non-institutional (popularly called the high-net-worth investors) part (£270 mn) 4.5 times, while the retail part (£630 mn) was fully subscribed.
The offer received over 11,60,000 applications, official data showed. The shares are expected to list on April 25. After the listing, the promoters are set to infuse an additional £207.5 mn in the company, at a per-share price of Rs 14.87, the company had said in the run up to the offer.
