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VI IPO
Price Band
₹10.0–11.0
Issue Size
₹18000.0 Cr
Lot Size
1,298 shares
Min Investment
₹14,278
GMP
+₹1.4 (12.73%)
Issue Price
₹11.0
Subject to Sauda
₹1400
Paid only if allotted
VI IPO AI Summary
- VI IPO is listed on BSE, NSE in the Telecom - Cellular & Fixed line services sector.
- Price band: ₹10.0–₹11.0 per share, lot size 1,298 shares (min. investment ₹14,278).
- Subscription window: 18 Apr–22 Apr 2024, listing on 25 Apr 2024.
- Current GMP is +₹1.4 (12.73%), an estimated listing price of ₹12 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
VI IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 22 Apr 2024 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
VI IPO Grey Market Premium (GMP) Today
GMP
+₹1.4
GMP %
+12.73%
Est. Listing
₹12.4
Updated: 25 Jul 2026 14:06
About the Company
Incorporated in March 1995, Vodafone Idea Limited is a telecommunications service provider in India. The company provides voice, data, and value-added services across 2G, 3G, and 4G technologies, such as short messaging and digital services for enterprises and consumers. As of December 31, 2023, the company had over 223.0 million subscribers and a subscriber market share of 19.3%. Its network carried 401 billion voice minutes and 6,004 billion MB of data. As of Dec 31, 2023, Vodafone offers mobile and fixed services to 300M+ customers in 17 countries, and has IoT collaborations with networks in 45 other countries.ternet of Things (IoT) platforms in the world. The company operates under a strong brand with over three decades of experience from Vodafone and Idea. Total income for FY2023 was ₹424,885 million, with ₹321,256 million for the nine months ended December 31, 2023. As of December 31, 2023, the company operates around 183,400 tower locations in India, providing broadband services to over 438,900 units, covering more than a billion people. The merger has increased their 4G population coverage from 1.18 billion to over 1 billion. 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. By December 31, 2023, the company had a total of 12,598 individuals employed in all its operations.
Company Financials (₹ Cr)
As of 2023-12-31
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 1,90,801.80 | 2,07,242.70 | 1,94,029.10 | 2,03,480.60 |
| Total Income | 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 | -1,46,611.60 | -1,23,038.80 | -94,083.60 | |
| Total Borrowing | 2,03,425.70 | 2,01,586.00 | 1,90,917.70 | 1,80,310.30 |
Key Ratios
EPS
₹-5.85
NAV
₹-15.28
P/B Value
-0.72
P/E Ratio
-1.88
Market Cap
₹73131.80 Cr
Peer Comparison
| Company | NAV | RoNW | EPS Basic | EPS Diluted | P/E (x) |
|---|---|---|---|---|---|
| Reliance Jio Infocomm Limited | 48 | 8.43% | 4.05 | 1.07 | — |
| Bharti Hexacom Limited | 84.19 | 13.83% | 10.98 | 10.98 | 51.91 |
| Bharti Airtel Limited | 136.72 | 15.84% | 14.8 | 14.57 | 84.37 |
| Vodafone Idea Limited This IPO | -15.28 | — | -8.43 | -8.43 | — |
Promoters
Kumar Mangalam Birla, Hindalco Industries Ltd., Grasim Industries Ltd., Birla TMT Holdings Pvt.Ltd., Vodafone International Holdings B.V, Al-Amin Investments Ltd., Asian Telecommunication Investments (Mauritius) Ltd., CCII (Mauritius) Inc., Euro Pacific Securities Ltd., Vodafone Telecommunications (India) Ltd., Mobilvest, Prime Metals Ltd., Trans Crystal Ltd., Omega Telecom Holdings Pvt.Ltd. and Usha Martin Telematics Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 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 12,750.00 2 Payment of certain deferred payments for spectrum to the DoT and the GST thereon 2,175.32 3 General corporate purposes 2,688.88
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income for the period ending December 31, 2023, was ₹32,125.60 Cr, down from ₹42,488.50 Cr for the year ending March 31, 2023. This decline indicates a challenging revenue environment for the company.
Profit Trend
The profit after tax for the period ending December 31, 2023, was a loss of ₹23,563.80 Cr, an improvement from a loss of ₹29,301.10 Cr for the year ending March 31, 2023. This suggests a narrowing of losses, though the company remains in a negative profit position.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the demand for an IPO in the grey market, which is an unofficial market where shares are traded before they are listed on the stock exchange. A positive GMP suggests strong demand, while a negative GMP indicates weak demand.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, market position, and financial health. It is important to consider the company's ability to improve its financial performance and manage its debt levels.
Who May Want to Wait
Investors with a low risk tolerance or those seeking stable, profitable companies may want to avoid this IPO due to its current financial losses and negative net worth.
IPO Timeline, Explained
The IPO opens for subscription on April 18, 2024, and closes on April 22, 2024. The allotment date is set for April 23, 2024, and the listing date is scheduled for April 25, 2024.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares of a company are listed on the stock exchange and traded for the first time. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's financial performance post-listing.
This evaluation is generated from VI's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is VI IPO GMP today?
VI IPO GMP today is +₹1.4 (12.73%), indicating an estimated listing price of ₹12. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of VI IPO?
The price band of VI IPO is ₹10.0–₹11.0 per share.
When does VI IPO open and close?
VI IPO opens on 18 April 2024 and closes on 22 April 2024.
When does VI IPO list on the stock exchange?
VI IPO listed on 25 April 2024 at ₹12.4.
What is the lot size for VI IPO?
The lot size for VI IPO is 1298 shares, requiring a minimum investment of ₹14,278.
What is the lot size for this IPO?
The lot size for this IPO is 1,298 shares.
What is the minimum investment required?
The minimum investment required is ₹14,278.
What is the price band for this IPO?
The price band for this IPO is between ₹10.0 and ₹11.0.
When is the listing date?
The listing date is April 25, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected demand for the IPO shares in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
18 Apr 2024
Close
22 Apr 2024
Allotment
23 Apr 2024
Listing
25 Apr 2024
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