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VI
Price Band
₹10.0–11.0
Issue Size
₹18000.0 Cr
Lot Size
1,298 shares
Min Investment
₹14,278
GMP
info
+₹1.4 (12.73%)
Issue Price
₹11.0
Subject to Sauda
info
₹1400
Paid only if allotted
VI IPO Review — Should You Apply?
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.
calendar_month Important Dates
bar_chart Subscription Status
Subscription data unavailable
trending_up Grey Market Premium (GMP)
GMP
+₹1.4
GMP %
+12.73%
Est. Listing
₹12.4
schedule Updated: 25 Jul 2026 14:06
Share GMP:
business 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.
payments 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
info Issue Details
pie_chart Investor Allocation
Registrar
Lead Managers / Book Running
timeline IPO Timeline
Open
18 Apr 2024
Close
22 Apr 2024
Allotment
23 Apr 2024
Listing
25 Apr 2024