Following the conclusion of the IPO, two directors resigned, sending Bharti Hexacom’s share price down by about 4%

Following the resignations of Sanjeev Kumar and Surajit Mandol from the company’s board of directors on Friday, April 12, the share price of Bharti Hexacom fell by about 4% on Monday.

The exits coincide with the expiration of the Shareholders Agreement, which was triggered by the profitable conclusion of Bharti Hexacom’s first public offering. The two directors have left the business’s board after the completion of the IPO, the company said in an exchange filing.

The opening price of Bharti Hexacom shares on the BSE was ₹785.05 a share; throughout the day, the stock fluctuated between ₹783 and ₹791.

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The share price of Bharti Hexacom had a spectacular launch on the exchanges on Friday, April 12. At ₹755, the launch price of Bharti Hexacom shares on the NSE is 32.5% higher than the ₹570 issue price. Today, Bharti Hexacom shares started at ₹755.20 on the BSE, indicating a 32.49% increase from the issue price. The listing gain at the conclusion of the session was 42.7%.

Market experts had expected that Bharti Hexacom’s starting share price would be between ₹650 and ₹660.

According to Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, pre-listing expectations were reduced by uncertainties over the company’s financial performance and valuation, but the extraordinary IPO of Bharti Hexacom surpassed those expectations.

Although the listing exceeded all expectations, Nyati says that the dangers that were previously acknowledged are still very real. Existing investors may decide to hold onto their shares, but prospective investors should keep an eye on the company’s performance and the state of the market before entering the market.

During the three-day subscription period, Bharti Hexacom, the subsidiary of Bharti Airtel, received positive feedback from investors. Qualified institutional buyers, or QIBs, stole the show on the last day with a 48.57-time subscription to the issue. Retail investors demonstrated strong demand (2.83 times subscription), while non-institutional investors (NIIs) reacted significantly (10.52 times subscription). According to BSE statistics, the total subscription status for the Bharti Hexacom IPO on day three was 29.88 times.

The Bharti Hexacom IPO is just an offer-for-sale (OFS) and does not include a fresh issue component, according to the company’s Red Herring Prospectus. Telecommunications Consultants India, the company’s only shareholder, planned to sell off 7.5 crore equity shares, or 15% of the OFS.

Serving the telecom circles in North-East India—which includes Rajasthan and the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura—is Bharti Hexacom, a provider of communications solutions. In addition to fixed-line phone service, it provides broadband services. The company markets its services under the brand Airtel.