Vodafone Idea’s Follow-on Public Offer (FPO) has been met with enthusiasm, marking a new chapter for the telecom sector in India. The event, dubbed ‘Start of Voda Idea 2.0,’ witnessed a surge in the company’s share price, rebounding over 11% in the trading session. The stock’s initial listing price was Rs 11.80, quickly rising to Rs 13.10 as buyers eagerly acquired shares near the FPO price of Rs 11.
Aditya Birla Group Chairman Kumar Mangalam Birla expressed his optimism at the National Stock Exchange (NSE) ceremony, stating that the company will make a strong comeback following the fundraising. He highlighted the robust participation from both foreign and domestic investors in the FPO, emphasizing the need for three strong telecom players in India. The AB Group, he said, remains committed to the telecom industry, with a cumulative investment of ₹1,70,000 crore. The proceeds from the FPO will be utilized for significant capital expenditure.
Vodafone Idea, incorporated in 1995, is a leading telecommunications provider in India, offering a wide range of services across 2G, 3G, and 4G technologies. The company serves over 30 crore customers in 17 circles, providing mobile, fixed, and digital services to enterprises and consumers. Jefferies India, Axis Capital, and SBI Capital Markets acted as book running lead managers for the FPO, while Link Intime India served as the registrar for the issue.
