Bharti Airtel, a leading telecom company in India, is planning to take one of its subsidiaries Bharti Hexacom public in the near future. The telco has reportedly started the process to take the company public. The move will enable Telecommunications Consultants of India Limited (TCIL), a government-owned company, to exit Bharti Hexacom. TCIL owns a minor 30% stake in Bharti Hexacom. According to the report (via ET), Bharti Hexacom's valuation is pegged at around Rs 20,000 crore.
Airtel is likely to complete the listing process by early 2024. While TCIL owns 30%, the remaining 70% is owned by Bharti Airtel. For the unaware, Bharti Hexacom runs its telecom business in the North East Circle and Rajasthan. In both regions, the company claims that it is the largest mobile telephony company. Bharti Hexacom is also known for providing fixed-line and broadband services in the region.
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The IPO will definitely be a big play from Bharti Airtel. It would also be an important one for the Bharti Group investors. It is because, for the first time in the last decade, a Bharti Group company would be going public. The details of the IPO (Initial Public Offering) will only be confirmed once the announcement comes formally. The last company from the Bharti Group that went public was Bharti Infratel, now renamed Indus Towers.
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Bharti Airtel is the largest publicly listed telecom company in India. The telco has operations in many countries such as Nigeria, Kenya, and more. Recently, there were reports that Airtel is trying to raise funds, up to $1 billion for prepaying its spectrum dues related to 2015 auctions. The company will engage in discussions later this month with some of the global banks, namely Citi and Barclays to discuss the best route to raise funds. Airtel is reportedly considering raising money through offshore bonds.
