Bharti Infratel, the private equity-backed telecoms tower unit of Indian mobile phone carrier Bharti Airtel, has raised about $760m through an IPO that values the business at around $7.5bn – marking India’s largest stock market flotation in two years.
The company sold 189 million shares priced at INR210 each for retail investors and INR220 for others, a little lower than the marketed range of INR210 to INR240 each.
Bharti Infratel and four private equity firms sold shares in the offer.
Temasek’s Compassvale Investments, Goldman Sachs private equity arm GS Strategic Investments, Anadale and Nomura Asia Investment were previously reported to be participating in the IPO.
Private equity investors that own a combined 13 per cent stake in Bharti Infratel also include KKR, Macquarie, Citigroup, Investment Corporation of Dubai and AIF Capital.
The IPO is the biggest since state-backed Coal India raised $3.5bn through an IPO in 2010.
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