#vodafoneidea ’s follow-on public offer (FPO) was fully subscribed 1.5 times by the afternoon of April 22, the final day of bidding, with investors picking 1,873.7 crore equity shares, subscription data from exchanges showed.

The country's third-largest telecom operator has offered 1,260 crore shares in the Rs 18,000-crore FPO, the largest such offering in the country. This move is part of a larger strategy to gather Rs 45,000 crore through a combination of debt and equity.

Qualified institutional buyers (QIBs) have taken the lead, subscribing 2.67 times the portion reserved for them. Non-institutional investors purchased 2.24 times their allotted quota of shares reserved. Retail investors are yet to warm up to the FPO, picking 49 percent of their allotted quota of shares.

The telecom giant raised Rs 5,400 crore from institutional investors via the anchor book in the upper price band of Rs 11. The price band for the offer has been fixed at Rs 10-11 apiece.

Citigroup, Goldman Sachs, Morgan Stanley, GQG Partners, Fidelity, UBS Fund Management, Redwheel Funds, HDFC Mutual Fund, Government Pension Fund Global, Carnelian Capital, Copthall Mauritius Investment, and Societe Generale were among the anchor investors.

Vodafone Idea will spend Rs 12,750 crore of the net issue proceeds for the expansion of the network infrastructure by setting up new 4G and 5G sites and the expanding the capacity of existing 4G sites.

At 13:53 pm, Vodafone Idea shares were trading at Rs 12.15, down 6 percent from the previous close. The shares have slipped 17 percent in the past three months.

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