VODAFONE IDEA (MAINBOARD)

Apr 18, 2024 - Apr 22, 2024

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 Application Amount As per lots (Retail)

Lot Size	Shares	Bid Price	App Amount
1	1298	11	14278
2	2596	11	28556
3	3894	11	42834
4	5192	11	57112
5	6490	11	71390
6	7788	11	85668
7	9086	11	99946
8	10384	11	114224
9	11682	11	128502
10	12980	11	142780
11	14278	11	157058
12	15576	11	171336
13	16874	11	185614
14	18172	11	199892

Note: "Increasing the number of lots in the retail quota will maximize the chances of allotment."

 IPO FORM RATES (HOS)

15000 - 700 TO 800

2 LAC +/- SHNI = 8000- 8000

10 LAC + BIGHNI 15000-as on 20 April close market 

Top 5 Anchor Details

Name of Anchor	No. of Shares	% Portion	Amount (cr)
GQG PARTNERS EMERGING MARKETS EQUITY FUND	94,10,50,000	19.17%	1035.16
MOTILAL OSWAL MIDCAP FUND	45,45,46,620	9.26%	500.00
FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH FUND	44,66,13,244	9.10%	491.27
TROO CAPITAL LTD	30,17,95,776	6.15%	331.98
STICHTING DEPOSITARY APG EMERGING MARKETS EQUITY POOL	21,07,29,002	4.29%	231.80

Established in March 1995, Vodafone Idea Limited is a prominent telecommunications service provider operating in India. Catering to both enterprises and consumers, the company offers a diverse range of voice, data, and value-added services across 2G, 3G, and 4G technologies, including digital services and short messaging. As of December 31, 2023, Vodafone Idea boasts an impressive subscriber base exceeding 223 million, capturing a substantial market share of 19.3%. With a network that handled 401 billion voice minutes and 6,004 billion MB of data, the company has established itself as a key player in India's telecommunications landscape. Leveraging its extensive experience and strong brand presence, which encompasses over three decades of combined expertise from Vodafone and Idea, Vodafone Idea Limited reported a total income of ₹424,885 million for FY2023, with ₹321,256 million generated in the nine months leading up to December 31, 2023. Operating approximately 183,400 tower locations across India and providing broadband services to over 438,900 units, the company has significantly expanded its reach, covering more than a billion people. Additionally, with 2,300 branded urban stores strategically positioned across the country, Vodafone Idea ensures convenient access to its services, covering over 95% of all districts. With a dedicated workforce of 12,598 individuals, Vodafone Idea remains committed to driving innovation and delivering superior connectivity solutions to its growing customer base, solidifying its position as a leader in the telecommunications industry.

VI FPO Details

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
Share holding pre issue	50,119,820,375
Share holding post issue	66,483,456,738

VI 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

Key Performance Indicators

EPS (pre ipo)	-5.85
P/E	-1.88

Financial Informations

Period Ended	31-Dec-23	31-Mar-23	31-Mar-22	31-Mar-21
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
Total Borrowing	203,425.70	201,586.00	190,917.70	180,310.30
Amount in Crore

Strength Factors

Large Subscriber Base and Market Share: Vodafone Idea Limited boasts a substantial subscriber base of over 223 million as of December 31, 2023, making it the third-largest telecommunications service provider in India. With a subscriber market share of 19.3%, the company holds a significant position in the industry, indicating a strong customer base and brand loyalty.

Extensive Telecommunication Network: The Company possesses a vast spectrum portfolio totaling 8,005.2 MHz, including liberalized spectrum suitable for various technologies such as 2G, 3G, 4G, and 5G. With a nationwide infrastructure comprising 2G, 3G, and 4G equipment, along with a robust fiber optic cable network spanning over 298,000 kilometers, Vodafone Idea ensures broad coverage, reaching over a billion people in India. This extensive network infrastructure enables the company to provide superior connectivity services and supports its migration to advanced technologies like 5G, thereby enhancing its competitiveness and market position.

5G-Ready Architecture and Technology Deployment: Vodafone Idea has strategically deployed a future-proof architecture for its 4G network, with over 90% of its TDD 2500 MHz band radio units being 5G-ready. The company has embraced advanced 5G technologies such as Massive MIMO and ORAN, enhancing capacity and flexibility in its network operations. By completing minimum rollout obligations in key service areas and actively promoting E-band technology, Vodafone Idea demonstrates its readiness to capitalize on the opportunities presented by 5G technology. This forward-looking approach positions the company as a leader in the evolution of telecommunications infrastructure in India, ensuring it remains at the forefront of innovation and technological advancement.

Risk Factors

High Indebtedness and Covenant Non-Compliance: Vodafone Idea Limited has incurred significant indebtedness and has struggled to comply with certain covenants under its financing agreements. This inability to meet financial and other covenant obligations could adversely impact the company's business operations, financial condition, and cash flows. Furthermore, non-payment of dues to vendors, especially tower vendors and equipment suppliers, could strain relationships and lead to disruptions in operations, potentially affecting the company's ability to maintain and expand its network infrastructure.

Trade Payables and Capital Expenditure: The Company’s trade payables, capital expenditure payables, and lease liabilities represent substantial financial obligations. Failure to manage and settle these payables in a timely manner could lead to liquidity challenges, strained supplier relationships, and potential disruptions in operations. Moreover, the ongoing accumulation of trade payables and capital expenditure payables may indicate underlying financial stress or operational inefficiencies, further exacerbating the company's financial risks.

Competitive and Regulatory Environment: Vodafone Idea operates in a highly competitive telecommunications market in India, facing intense competition from other major players. Additionally, the sector is subject to extensive regulatory oversight, including spectrum auctions, pricing regulations, and compliance requirements. Any adverse regulatory developments or increased competition could impact the company's market share, pricing power, and profitability. Moreover, changes in government policies or regulations could impose additional financial burdens or operational constraints on the company, further exacerbating its risk exposure.

Link Intime India Private Ltd

Phone: +912249186270
Email: vil.fpo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html