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Vodafone Idea Limited FPO (VI FPO) is a book-built issue of Rs 18,000.00 crores. The issue is entirely a fresh issue of 1636.36 crore shares.
VI FPO opens for subscription on April 18, 2024, and closes on April 22, 2024. The price band for the FPO is set at ₹10 to ₹11 per share and the minimum lot size for an application is 1298 Shares.
Company Summary
This company is the third largest telecommunications service provider in India based on subscriber base.
Through their pan India network, they offer voice, data, enterprise, and other value-added services (“VAS”), including short messaging services and digital services across 2G, 3G, and 4G technologies.
As of December 31, 2023, they have an aggregate of 8,005.2 MHz of spectrum holdings across different frequency bands, of which 7,975.2 MHz spectrum is liberalized and can be used towards deployment of any technology (2G, 3G, 4G, or 5G).
As of December 31, 2023, they had approximately 183,400 unique tower locations and over 438,900 broadband (3G and 4G) sites, with all their 4G sites enabled for the provision of voice over LTE (“VoLTE”) services.
All their services and products are offered under the brand backed by a strong brand recall of the Vodafone and Idea brands and cumulatively more than three decades of operations.
Their total income for the Financial Year 2023 and nine months ended December 31, 2023, was ₹424,885 million and ₹321,256 million, respectively.
Company Strengths
As of December 31, 2023, they had over 223.0 million subscribers and their subscriber market share was 19.3%. Also, their ApGR market share was 17.79% of the Indian mobile telecommunications services industry for the same period.
Their large spectrum portfolio enables them to offer a superior experience to their customers as they have the highest 4G spectrum available per million subscribers and sufficient capability to support the migration of their entire 4G subscriber base to 5G.
As of December 31, 2023, they operate approximately 183,400 unique tower locations across more than 487,000 towns and villages in India, and offer broadband services (3G and 4G) at more than 438,900 broadband (3G and 4G) units, covering over a billion people.
They have an extensive distribution and service network which, as of December 31, 2023, comprised over 10,000 distributors servicing approximately 787,000 retailers across India.
As of Dec 31, 2023, the company had 2,300 branded urban stores in India, covering over 95% of all districts, including its own and franchisee-owned stores and the company had a total of 12,598 individuals employed in all its operations.
Company Financials
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 190,801.80 | 207,242.70 | 194,029.10 | 203,480.60 |
| Revenue | 32,125.60 | 42,488.50 | 38,644.90 | 42,126.40 |
| Profit After Tax | -23,563.80 | -29,301.10 | -28,245.40 | -44,233.10 |
| Net Worth | -97,931.90 | -74,359.10 | -61,964.80 | -38,228.00 |
| Reserves and Surplus | -146,611.60 | -123,038.80 | -94,083.60 | -669,634 |
| Total Borrowing | 203,425.70 | 201,586.00 | 190,917.70 | 180,310.30 |
Amount in ₹ Crore | ||||
Objectives of the issue
The Company proposes to utilize the Net Proceeds towards funding of the following objects:
- Purchase of equipment for the expansion of our network infrastructure by: (a) setting up new 4G sites; (b) expanding the capacity of existing 4G Sites and new 4G sites; and (c) setting up new 5G sites
- Payment of certain deferred payments for spectrum to the DoT and the GST thereon
- General corporate purposes
Promoters of the company
The Promoters of our Company are Kumar Mangalam Birla, Hindalco Industries Limited, Grasim Industries Limited, Birla TMT Holdings Private Limited, Vodafone International Holdings B.V., Al-Amin Investments Limited, Asian Telecommunication Investments (Mauritius) Limited, CCII (Mauritius), Inc., Euro Pacific Securities Ltd, Vodafone Telecommunications (India) Limited, Mobilvest, Prime Metals Ltd, Trans Crystal Ltd, Omega Telecom Holdings Private Limited and Usha Martin Telematics Limited.
FPO details
| IPO Date | April 18, 2024 to April 22, 2024 |
| Listing Date | Thursday, April 25, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹10 to ₹11 per share |
| Lot Size | 1298 Shares |
| Total Issue Size | 16,363,636,363 shares (aggregating up to ₹18,000.00 Cr) |
| Fresh Issue | 16,363,636,363 shares (aggregating up to ₹18,000.00 Cr) |
| Issue Type | Book Built Issue FPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 1298 | ₹14,278 |
| Retail (Max) | 14 | 18172 | ₹199,892 |
| Small-HNI(Min) | 15 | 19,470 | ₹214,170 |
| small-HNI(Max) | 70 | 90,860 | ₹999,460 |
| Large-HNI (Min) | 71 | 92,158 | ₹1,013,738 |
Allotment Schedule
| Basis of Allotment | Tuesday, April 23, 2024 |
| Initiation of Refunds | Wednesday, April 24, 2024 |
| The credit of Shares to Demat | Wednesday, April 24, 2024 |
| Listing Date | Thursday, April 25, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on April 22, 2024 |
FPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
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