JM Financial projects significant growth for Bharti Hexacom Ltd (BHL) with a buy recommendation, aiming for a target of Rs 790. BHL s strong presence in high growth markets and focus on wireless ARPU growth make it a promising investment.
Bharti Hexacom shares listed at a 32.5% premium on BSE and NSE, after attracting strong interest from non-institutional investors. The IPO was solely an offer for sale by TCIL, with the company operating in Rajasthan and the North East telecommunication circles.
The listing pop was expected after it received an overwhelming response, as the issue was subscribed to a whopping almost 30 times. The qualified institutional investors (QIB) led the pack, subscribing 48.57 times their allocation.