Bharti Infratel pulls off India’s largest IPO in two years

The telecom tower operator raises $763 million in a busy week for Indian deals after attracting good demand from foreign investors.
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Bharti Airtel is the controlling shareholder and largest customer of Bharti Infratel, which is scheduled to start trading on December 28 (AFP)</div>
<div style="text-align: left;"> Bharti Airtel is the controlling shareholder and largest customer of Bharti Infratel, which is scheduled to start trading on December 28 (AFP)</div>

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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