The Rs 4,500 crore offer, which got 1.3 times subscribed, offloaded 160.56 million shares at a price of Rs 210-240. However, much to the concern of markets, the retail category saw just 19 per cent subscription on the last day of book closure on Friday even as company offered 10 per cent discount.
There was no enthusiasm among High networth individuals (HNIs) too as their category got just 29 per cent bids.
This itself proves that qualified institutional buyers (QIBs) saved the day for Bharti Infratel as their category got 2.84 times subscribed.
Some experts attributed the poor response to the IPO to the debacle of Reliance Power's offer in 2008 which could be still afresh in public's mind. While some said that it could price the issue at around Rs 230 per share.