Vodafone Idea FPO allotment finalised. Here's how you can check status

The follow-on public offer (FPO) of Vodafone Idea received good response from investors despite a lull for the first two days. The offer was subscribed 6.5 times overall, driven by strong bidding from institutional and non-institutional investors.

Post the successful FPO, through which the company raised Rs 18,000 crore, the share allotment has been finalised. Investors can check the status of their application through two routes i.e, on the BSE and via the registrar.

Here's how you can check status on BSE

Step 1: Visit the BSE Website (https://www.bseindia.com/investors/appli_check.aspx)

Step 2: Please select the issue name, that is the company's name in the drop down.

Step 3: Enter the application number or PAN number to check the allotment status.

Investors can also check the status of Vodafone Idea FPO allotment by logging in to the registrar, which is Link Intime India in this case.

Step 1: Visit the Link Intime India website (https://linkintime.co.in/initial_offer/public-issues.html)

Step 2: Select Vodafone Idea FPO

Step 3: Enter the PAN details and click search to know the status

Vodafone Idea FPO GMP

In the unlisted market, the company's shares are being traded with a premium of Rs 1.20.

Even though the offer did well, analysts said investors must not expect major listing gains as it is a loss making company and cant see them being profitable in the next 12-18 months.

VI is the third largest telco in India based on subscriber base. The company is raising funds for capex purposes of increasing its network infrastructure by expanding the capacity of the existing 4G sites and setting up new 4G and 5G infrastructure as well.

The company said it expects to roll out 5G services in select pockets in 6-9 months of the issue. The 5G rollout will cover 40% of the company's overall revenue base in the next 24-30 months.

VI has not been able to roll out 5G services because of lack of funds. It can be noted that both its rivals Bharti Airtel and Reliance Jio -- to whom it has ceded market share -- have been active on 5G for some months now.

While the fund-raise should improve the company's near-term fortunes, analysts don’t expect the company to gain any meaningful market share from peers and remain concerned about potential large equity dilution.

"Potentially, the government could own an 80%+ stake in Vi on a fully diluted basis in the worst case, which would limit any meaningful upside for Vi’s minority investors," said Kotak Institutional Equities.

Axis Capital, Jefferies India and SBI Capital Markets are the book running lead managers of the VI FPO, while Link Intime India is the registrar for the issue.