Bharti Infratel wasn’t just an important IPO for the tower industry, with potential floats to follow from Viom Networks and Reliance Infratel ’ it was an important IPO for India as the country’s largest IPO for two years. However, complaints of aggressive pricing made it difficult to draw conclusions from the market’s lukewarm response to the IPO. Bharti Infratel raised $761m (41.7bn rupees) in the IPO, giving the company an initial valuation of $7.6bn, which had fallen 13% by December 28 to $6.6bn.
The aggressively priced IPO at 210 rupees per share suggested a valuation of $93.6k