Vodafone Idea jumps over 4.30% on first day of its FPO offer
The minimum bid lot for the Vodafone Idea FPO is 1,298 equity shares, and in the multiples of 1,298 equity shares, thereafter. It means that the minimum application amount would be Rs 14,278 for a single lot of shares. The objective of the fundraising is to give the telecom company the firepower to improve its positioning in the Indian telecom market. The FPO would also help the firm to shore up finances for its much-delayed 5G rollout.
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Vodafone Idea Share Price: Vodafone Idea jumped over four per cent on BSE on Thursday (April 18, 2024) on a day when its follow-on public offer (FPO) opened for subscription.
The stock that began its journey at Rs 13.08 on Thursday rose to the day's high of Rs 13.48, a 4.33 per cent jump from the previous close of Rs 12.92.
The Vodafone Idea stock was trading higher by 2.94 per cent, or Rs 0.38, at Rs 13.30 at 9:41 am on Thursday.
Vodafone Idea FPO
The size of the Vodafone Idea FPO is Rs 18,000 crore. Before this FPO, the largest FPO in the Indian market was a Rs 15,000 crore by YES Bank.
The Vodafone Idea FPO that will close on April 22 has a price band of Rs 10–11 per share.
The minimum bid lot for the FPO is 1,298 equity shares, and in the multiples of 1,298 equity shares, thereafter.
It means that the minimum application amount would be Rs 14,278 for a single lot of shares.
The objective of the fundraising is to give the telecom company the firepower to improve its positioning in the Indian telecom market.
The FPO would also help the firm to shore up finances for its much-delayed 5G rollout.
The book-running lead managers of the Vodafone Idea FPO are Axis Capital Limited, Jefferies India Private Limited, and SBI Capital Markets Limited.
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