Vodafone Idea
Mainboard₹18,000 Cr issue
+9.09%
Listing gain over issue price
Issue size
₹18,000 Cr
1 lot at cut-off
₹14,278
Lot size
1,298shares
Open
18 Apr 2024
Close
22 Apr 2024
Allotment
23 Apr 2024
Listing
25 Apr 2024
Listing performance
Issue price
₹11
Listed at
₹12
Listing-day close
₹13.90
Latest price
₹11.36
Close on 23 Oct 2026
Listing gain
+9.09%
Return since issue
+3.27%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 18 Apr 2024 – 22 Apr 2024
- Listing date
- 25 Apr 2024
- Face value
- ₹10 per share
- Issue price
- ₹11 per share
- Lot size
- 1,298 shares
- Total issue size
- ₹18,000 Cr
- Market cap at offer price
- ₹73,132 Cr
- Promoter holding
- 48.75% → 36.87% pre-issue → post-issue
- ISIN
- INE669E01016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Suman Tower, Plot No.18, Sector 11, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,90,90,90,908 | — | — |
Application size
Minimum 1,298 shares per lot, in multiples, at ₹11
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,298 | ₹14,278 |
| Retail (max) | 14 | 18,172 | ₹1,99,892 |
| S-HNI (min) | 15 | 19,470 | ₹2,14,170 |
| S-HNI (max) | 70 | 90,860 | ₹9,99,460 |
| B-HNI (min) | 71 | 92,158 | ₹10,13,738 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
4,90,90,90,908
Anchor portion
₹5,400 Cr
at ₹11 per share
Valuation and performance
Valuation at offer price
₹11 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −5.85 | −4.73 |
| Price to book (×) | −0.72 | — |
| Market cap | — | ₹73,132 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- NAV per share
- −₹15.28
- Price to book
- −0.72
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vodafone Idea
Vodafone Idea Limited is a public limited company incorporated in 1995 and renamed to its present name following the 2018 merger of Vodafone India Limited and Vodafone Mobile Services Limited with Idea Cellular Limited. The company was previously known as 'Birla Communications Limited', then 'Birla AT&T Communications Limited', 'Birla Tata AT&T Limited', and 'Idea Cellular Limited'. Through its pan-India network, the company offers voice, data, enterprise and other value-added services including short messaging services and digital services across 2G, 3G and 4G technologies. It holds active licenses for national long distance, international long distance, internet service provider and registration for infrastructure provider (IP-1) services. The company operates in the mobile telecommunications industry, which is an integral part of the Indian economy. Its promoters include Kumar Mangalam Birla and entities from both the Aditya Birla group and the Vodafone group.
Company Analysis
from RHPVodafone Idea Limited is a pan-India mobile telecommunications operator offering voice, data, enterprise and value-added services across 2G, 3G and 4G technologies.
Vodafone Idea Limited is a public limited company incorporated in 1995 and renamed to its present name following the 2018 merger of Vodafone India Limited and Vodafone Mobile Services Limited with Idea Cellular Limited. The company was previously known as 'Birla Communications Limited', then 'Birla AT&T Communications Limited', 'Birla Tata AT&T Limited', and 'Idea Cellular Limited'. Through its pan-India network, the company offers voice, data, enterprise and other value-added services including short messaging services and digital services across 2G, 3G and 4G technologies. It holds active licenses for national long distance, international long distance, internet service provider and registration for infrastructure provider (IP-1) services. The company operates in the mobile telecommunications industry, which is an integral part of the Indian economy. Its promoters include Kumar Mangalam Birla and entities from both the Aditya Birla group and the Vodafone group.
Mobile telecommunicationsTelecommunications servicesData servicesEnterprise solutions
Objects of the Issue
- 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 (b) setting up new 5G sites ₹127,500.00 million p.16
- Payment of certain deferred payments for spectrum to the DoT and the GST thereon ₹21,753.18 million p.16
- General corporate purposes p.16
- 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 ₹127,500 million p.80
- Payment of certain deferred payments for spectrum to the DoT and the GST thereon ₹21,753.18 million p.84
- General corporate purposes p.85
- Raising additional funds Up to Rs 200,000 Mn p.248
- Financial support from promoter Rs 20,000 Mn p.221
- Raising of funds for operational requirements and to address liquidity needs Rs 200,000 Mn (subject to other requisite approvals) p.290
- General corporate purposes (inferred from offer structure - specific uses detailed in Objects of the Offer section beginning on page 75, not fully detailed in this part) ₹180,000 million p.676
Issue Structure
- Total Issue
- Up to ₹180,000 million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹180,000 million
- Offer for Sale
- Not Applicable
- Price Band
- Price band of a minimum price of ₹ [●] per Equity Share (Floor Price) and the maximum price of ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company generates revenue through providing mobile telecommunications services across its 22 service area network in India, including voice services, data services, enterprise solutions, and value-added services. The company carries inter-service area voice traffic and incoming and outgoing international voice traffic through interconnections with other operators.
Business Segments
Provision of voice, data, and value-added services including short messaging services and digital services across 2G, 3G and 4G technologies on a pan-India basis
Provides voice, data, value-added services, and enterprise solutions through 2G, 3G, 4G, and 5G technologies across 22 service areas in India
Mobile voice telecommunications services offered throughout India with coverage exceeding 1.2 billion individuals in more than 487,000 towns and villages, including VoLTE services across all 22 service areas
Mobile data telecommunications services offered across 3G and 4G technologies with broadband coverage in over 342,200 towns and villages
Diversified portfolio of business services including enterprise mobility, connectivity, security, business communications, IoT solutions, and cloud/colocation services for global enterprises, corporates, SMEs, government organizations and startups
Digital content services through Vi App and Vi Movies and TV platform offering premium content, music streaming, gaming, eSports, job search resources and education resources
Provision of cellular mobile telephone services across India
Provision of mobile and fixed-line telecommunication services including voice, data, and value-added services across multiple geographic circles in India
Provides telephony services (post-paid and prepaid), roaming, interconnect, long distance services, internet services, mobile advertisement, toll-free services, and passive infrastructure services
Sales of trading goods, handsets, data cards and related accessories
Provides mobile and broadband connectivity services to customers in India
The Chief Operating Decision maker primarily focusses on Mobility business in making decisions on operating matters and on allocating resources in evaluating performance. The Group operates only in one reportable segment i.e. Mobility.
The Chief Operating Decision maker primarily focusses on Mobility business in making decisions on operating matters and on allocating resources in evaluating performance. Accordingly, the Group operates only in one reportable segment i.e. Mobility.
The chief operating decision maker primarily focuses on mobility business in making decisions on operating matters and on allocating resources in evaluating performance.
SWOT Analysis
Strengths
- • Pan-India network with diversified service offerings across multiple technologies(p.16)
- • Strong promoter backing from Aditya Birla and Vodafone groups providing strategic and financial support(p.16)
- • Substantial trademark portfolio with 326 registered trademarks as of December 2023(p.40)
- • Large passive infrastructure base with approximately 183,400 unique towers for network coverage(p.40)
- • Extensive 4G and 5G network with 5G-ready architecture enabling future technology upgrades(p.79)
- • Large spectrum portfolio providing competitive advantage in network capacity(p.79)
- • Substantial existing infrastructure with significant tower and broadband site base(p.79)
- • Large subscriber base providing scale advantages(p.88)
- • Strong promoter backing and experienced management team(p.88)
- • Third largest telecom provider with 223 million subscribers and 19.3% market share(p.127)
- • Extensive 5G-ready network infrastructure with superior spectrum per subscriber(p.127)
- • Large enterprise customer base with 29.9% market share in enterprise mobility services(p.129)
- • Extensive distribution network of 10,000 distributors and 787,000 retailers(p.129)
- • Strong promoter backing from Aditya Birla and Vodafone groups with committed funding(p.129)
- • Highest 4G spectrum availability per million subscribers enabling 5G migration(p.119)
- • Comprehensive regulatory framework establishing company's legal foundation for telecom operations(p.142)
- • Strong shareholder governance structure with balanced representation from major investor groups(p.153)
- • Access to spectrum through multiple acquisition mechanisms including auction and administrative assignment(p.142)
- • Multiple strategic merger and consolidation experience demonstrating operational integration capability(p.152)
- • Part of Vodafone Group Plc—one of the world's largest telecom multinationals, with substantial financial backing and operational expertise.(p.193)
- • Aditya Birla Group promoter support—major conglomerate with diversified business portfolio and financial capacity.(p.193)
- • Government of India now holds 33.14% equity stake, providing strategic validation and potential policy support.(p.242)
- • Established telecom service provider with significant operational scale and market presence.(p.219)
- • Established financial reporting framework under Ind AS standards(p.511)
- • Diversified spectrum portfolio across multiple frequency bands and service areas(p.538)
- • Long-term spectrum validity providing operational security(p.538)
- • Adoption of modern accounting standards with Ind AS 116 lease accounting(p.542)
- • Third largest telecom operator by subscriber base in India with significant market share(p.580)
- • Extensive pan-India network with comprehensive spectrum holdings across all service areas(p.581)
- • Strong backing from two major global business groups with significant resources(p.580)
- • Robust infrastructure with extensive tower footprint and OFC coverage(p.580)
- • Strong brand recognition with three decades of cumulative operations(p.580)
Weaknesses
- • Material uncertainty relating to going concern with dependency on ability to raise additional funds and generate cash flow(p.27)
- • Significant accumulated losses with no sustained profitability; loss after tax of ₹235,638 million for nine months ended December 31, 2023(p.34)
- • Substantial debt burden with total indebtedness of ₹2,018,291 million as of February 29, 2024, primarily from spectrum and AGR obligations(p.29)
- • Non-compliance with financial covenants under multiple financing arrangements as of February 29, 2024(p.29)
- • High subscriber churn rate of 4.1% monthly for mobile services in nine months ended December 31, 2023(p.35)
- • Significant outstanding vendor dues with trade payables of ₹138,078 million and capital expenditure payables of ₹69,262 million as of December 31, 2023(p.30)
- • Dependence on a limited number of vendors including equipment manufacturers with restrictive clauses limiting purchase flexibility(p.38)
- • Auditors' qualifications regarding material uncertainties in going concern and issues with fixed asset records(p.33)
- • Substantial accumulated losses and negative equity position weakening balance sheet(p.54)
- • Significant deferred payment obligations to Government of India creating financial burden(p.54)
- • Continued operating losses impacting ability to generate cash(p.55)
- • High employee attrition rate indicating retention challenges(p.42)
- • Dependence on Net Proceeds to fund critical network expansion with limited internal cash generation(p.42)
- • Negative net worth and accumulated losses as of December 31, 2023(p.90)
- • Declining subscriber base from 228.6 million in December 2022 to 215.2 million in December 2023(p.132)
- • Lowest ARPU among competitors at ₹145 versus Bharti Airtel and Reliance Jio peers(p.132)
- • High blended churn rate of 4.3% in quarter ended December 31, 2023(p.132)
- • Weakened market position with revenue share declining from 21.5% in Q4 FY2021 to 17.3% in Q3 FY24(p.125)
- • High debt burden with significant AGR dues and spectrum payment obligations(p.149)
- • Dependence on promoter funding and equity infusions to meet capital requirements(p.150)
- • Locked-in shareholder governance with deadlock resolution provisions limiting strategic flexibility(p.154)
- • Significant restructuring costs from multiple mergers and demergers in recent years(p.149)
- • Severely negative net worth of Rs 979,319 million, indicating balance sheet insolvency.(p.221)
- • Substantial accumulated losses and continuing operational losses—loss of Rs 235,638 million for nine months ended December 31, 2023.(p.221)
- • Massive debt burden of Rs 2,149,640 million (including interest accrued but not due), primarily from AGR dues and spectrum obligations.(p.221)
- • Negative working capital (excluding short term borrowings, lease liability and accruals) of Rs 206,430 million, indicating cash flow strain.(p.221)
- • Covenant breaches on bank loans—Rs 27,676 million reclassified to current due to non-compliance with financial ratios.(p.229)
- • Significant AGR liability and spectrum payment obligations creating long-term financial strain.(p.221)
- • Going concern uncertainty explicitly flagged by auditors due to inability to generate sufficient cash from operations.(p.209)
- • Significant accumulated losses eroding equity base(p.361)
- • Heavy dependence on deferred payment obligations for spectrum and AGR(p.340)
- • Substantial contingent liabilities from regulatory and legal disputes(p.352)
- • High leverage with net debt-equity ratio deteriorating(p.379)
- • Material uncertainty regarding going concern status(p.387)
- • Debt covenant breaches requiring reclassification of borrowings to current liabilities(p.389)
- • Substantial accumulated losses creating negative net worth(p.409)
- • High leverage from AGR and spectrum obligations(p.409)
- • Going concern uncertainty dependent on external support(p.409)
- • Credit rating downgrades impacting borrowing terms(p.409)
- • Substantial contingent liabilities from regulatory and tax disputes(p.480)
- • Heavy dependence on infrastructure leasing with significant lease obligations(p.490)
- • Persistent operational losses indicating business model stress(p.492)
- • Negative net worth and covenant breaches(p.490)
- • Heavy debt burden with AGR-related liabilities(p.501)
- • Concentration of substantial spectrum and AGR obligations due within 12 months(p.502)
- • Significant accumulated losses and negative net worth(p.526)
- • High debt burden with substantial deferred payment obligations(p.527)
- • Inability to recognize deferred tax assets on substantial carry-forward losses(p.554)
- • Covenant breach on certain loan arrangements(p.530)
- • Deterioration in trade receivables and credit quality(p.522)
- • Impairment of brand value indicating declining brand utility(p.536)
- • Substantial accumulated debt with high leverage ratios and negative equity(p.575)
- • Significant deferred payment obligations towards spectrum and AGR creating financial strain(p.603)
- • Covenant breach on certain borrowings reclassified to current maturity creating refinancing risk(p.576)
- • Persistent operating losses despite revenue generation(p.599)
- • Spectrum expiry risk in key service areas requiring costly reacquisition(p.581)
- • Litigation exposure across regulatory and policy matters—IUC challenges pending with no clarity on termination charges(p.616)
- • Spectrum-related demand disputes with DoT—overcharging claims totaling billions remain contested(p.617)
- • Significant tax demands pending across multiple assessment years—₹336 billion in direct and indirect tax disputes(p.646)
- • Customer-facing compliance risks—79 CAF matters with ₹4.6 billion in DoT demands related to verification instructions(p.618)
- • Scale and complexity of criminal litigation—numerous cases involving SIM fraud, fake CAFs, and employee misconduct(p.618)
- • Material pending tax disputes across multiple assessment years with significant demand amounts and exposure(p.650)
- • Concentration of trade payables among two material creditors representing 63% of consolidated outstanding dues(p.651)
- • Substantial external tax exposure from subsidiary Vodafone Europe B.V. with assessments aggregating €24,106.37 million(p.650)
Opportunities
- • Expansion of 4G and 5G network infrastructure through network equipment purchases funded by IPO proceeds(p.16)
- • Growing mobile broadband penetration and smartphone adoption in India as primary medium for internet access(p.16)
- • Focus on enterprise solutions and connectivity services to enterprise customers for revenue diversification(p.16)
- • Opportunity to leverage Government of India's shareholding (32.19%) and support through Telecom Reform Package benefits(p.17)
- • Focused geographic strategy targeting 17 priority service areas including high-revenue service areas of Maharashtra, Gujarat and Mumbai (29.3% of gross revenue)(p.35)
- • Rapid growth in data usage and 5G technology deployment across India(p.40)
- • Significant 5G expansion opportunity with 22,000 new 5G sites planned(p.79)
- • Migration of 2G subscribers to broadband services offering revenue uplift(p.40)
- • Enterprise customer base providing additional revenue streams beyond consumer services(p.88)
- • Network expansion through spectrum refarming generating additional 4G capacity with minimal capex(p.79)
- • India's low ARPU relative to global peers presents significant scope for price increases(p.109)
- • Large untapped rural market with teledensity at only 58.26% versus urban 127.88%(p.110)
- • Significant headroom for 4G subscriber migration with 42% of subscriber base still non-4G(p.130)
- • Growing digital services and data consumption with broadband subscribers increasing to 904.54 million(p.111)
- • Rapid smartphone penetration growth projected to reach 350 million subscribers by 2030(p.115)
- • Favorable market consolidation creating opportunities for healthy competition and collaboration(p.130)
- • National Digital Communications Policy supporting broadband expansion and job creation(p.144)
- • Infrastructure sharing framework enabling cost optimization and network expansion(p.146)
- • Captive Non Public Network guidelines enabling new revenue streams from enterprise customers(p.145)
- • Universal service obligations framework renamed as Digital Bharat Nidhi supporting underserved market expansion(p.143)
- • Spectrum trading and sharing mechanisms enabling flexible spectrum management(p.146)
- • Approved capital raising of up to Rs 200,000 million through equity or other instruments to strengthen balance sheet.(p.248)
- • Promoter financial commitment of Rs 20,000 million to support Company operations and growth.(p.221)
- • Deferred AGR and spectrum payment obligations extending over 10–19 years, reducing near-term cash outflow burden.(p.230)
- • 5G spectrum acquisition completed in August 2022 for 20-year validity, positioning for 5G service rollout.(p.232)
- • Spectrum auction participation and expansion in new geographies(p.538)
- • Monetization of non-core assets to improve liquidity(p.538)
- • Integration and merger-related synergies(p.537)
- • Deferred payment options reducing immediate cash outflow burden(p.538)
- • Settlement of historical disputes to clear contingent liabilities(p.538)
- • 5G deployment and technology upgrade across the pan-India network(p.581)
- • Expanding broadband and enterprise connectivity services to underserved areas(p.580)
- • Growth in data consumption and value-added services across subscriber base(p.580)
- • Strategic capital deployment toward 4G and 5G infrastructure expansion(p.652)
Threats
- • Intense competition from larger, well-capitalized telecom operators with better financial positions and technology capabilities(p.32)
- • Requirement for massive capital expenditure in capital-intensive telecom industry with long gestation periods(p.28)
- • Rapidly evolving technology landscape requiring continuous investment in 5G and 6G deployment with uncertain costs and commercial viability(p.28)
- • High subscriber churn rates driven by multi-SIM devices, mobile number portability and intense competitive pricing pressures(p.35)
- • Spectrum expiry and re-acquisition uncertainty; portions of 900 MHz spectrum due to expire in May and June 2024, and 1800 MHz spectrum expiring in 2026-2027(p.30)
- • AGR and spectrum payment obligations under moratorium expiring between March 2026 and September 2026 with substantial cash outflows of ₹290,737 million in FY2026 and ₹430,185 million annually from FY2027-FY2031(p.29)
- • Supreme Court judgment on AGR dues requiring 10-year payment schedule with no flexibility for error corrections despite pending review petitions(p.36)
- • High operating costs dependent on adequate and affordable electrical power supply from state electricity providers(p.39)
- • Regulatory and compliance uncertainties including ongoing review of licenses, spectrum conditions, and changing DoT interpretations(p.30)
- • Threat from over-the-top (OTT) media services and internet-based communication platforms reducing reliance on traditional telecom services(p.32)
- • Extensive regulatory dependence and constraints on business flexibility from telecom regulation(p.41)
- • Rising operating costs subject to macroeconomic volatility with limited pricing power(p.40)
- • Network expansion delays and cost overruns from construction risks beyond company control(p.40)
- • Intense competition and inability to convert or acquire new broadband subscribers(p.40)
- • Data security and privacy breaches exposing subscriber information damaging reputation(p.41)
- • Macroeconomic headwinds including inflation, interest rates and economic slowdown(p.49)
- • Foreign exchange volatility impacting equipment costs and borrowing expenses(p.50)
- • Intense competition from larger players Reliance Jio (40.5% share) and Bharti Airtel (36% share)(p.125)
- • Heavy spectrum acquisition and maintenance costs with significant rollout obligations(p.120)
- • Regulatory requirement for spectrum surrender lock-in and possible further regulatory changes(p.123)
- • High capital intensity of 5G deployment with minimum rollout obligations across service areas(p.130)
- • Dependency on sustained tariff increases which face regulatory ceiling constraints(p.138)
- • Macroeconomic sensitivity with prepaid subscribers forming 89% of base vulnerable to economic downturns(p.139)
- • Stringent national security requirements restricting equipment sourcing and network upgrades(p.144)
- • Regulatory changes and spectrum policy modifications affecting business operations and costs(p.143)
- • Regulatory penalties framework with proportionality principles creating compliance and financial risks(p.143)
- • Interconnection usage charges regulations subject to periodic modification affecting cost structure(p.147)
- • Foreign investment restrictions and FPI caps limiting capital raise options(p.147)
- • Associate company liquidation creating contingent liabilities and reputational risks(p.161)
- • Inability to raise additional funds or secure lender support would trigger insolvency and potential business failure.(p.221)
- • Regulatory and legal risks from multiple pending litigations and disputes with Department of Telecommunications.(p.236)
- • Contingent liability of Rs 38,570 million for One Time Spectrum Charges (OTSC) for spectrum below 4.4 MHz, sub judice at TDSAT.(p.236)
- • Pending income tax demand of Rs 4,834 million and other tax disputes (sales tax, service tax, GST, customs) totaling Rs 22,218 million.(p.236)
- • Other contingent liabilities of Rs 27,105 million from consumer forums, municipal disputes, and infrastructure service provider claims.(p.237)
- • Potential further financial penalties for licensing compliance violations and interconnect denial allegations.(p.236)
- • Regulatory and licensing disputes from DoT creating cash outflow risks(p.352)
- • Spectrum acquisition costs and deferred payment obligations creating financial pressure(p.340)
- • Dependence on GoI support and telecom licensing framework(p.370)
- • Interest rate sensitivity on floating rate borrowings(p.374)
- • Foreign currency exposure creating translation risks(p.375)
- • Regulatory demands and licensing disputes with significant contingent liabilities(p.447)
- • Spectrum-related financial obligations creating long-term debt pressure(p.435)
- • AGR judgment and related government dues creating significant liabilities(p.435)
- • Material uncertainty over going concern dependent on regulatory outcomes and refinancing(p.502)
- • Covenant breaches triggering accelerated debt maturity(p.501)
- • Regulatory AGR judgment liabilities with material unfavorable impact(p.501)
- • Significant bank guarantee obligations at risk of expiration(p.502)
- • Deteriorating financial ratios and credit rating downgrades increasing borrowing costs(p.501)
- • Substantial unresolved regulatory and licensing disputes(p.539)
- • AGR judgment obligations and ongoing regulatory compliance costs(p.531)
- • Significant contingent liabilities from tax and regulatory disputes(p.540)
- • Risk of early repayment acceleration on non-compliance with loan covenants(p.530)
- • Forex volatility impact on foreign currency borrowings and payables(p.544)
- • Intense competition from dominant players with pricing and margin pressure(p.581)
- • Regulatory changes and licensing uncertainty affecting business flexibility(p.581)
- • High capital requirements for 5G rollout and network infrastructure in capital-intensive industry(p.581)
- • Mobile number portability enabling customer switching across operators(p.581)
- • Competition from internet-based services reducing traditional telecom revenue streams(p.581)
- • Regulatory uncertainty on interconnection charges—TRAI regulations challenged on IUC methodology with multiple pending cases at high court level(p.616)
- • DoT policy and demand volatility—ongoing spectrum pricing disputes, MW frequency agreement uncertainties, and retrospective demands(p.617)
- • Industry-wide regulatory litigation—multiple COAI cases on EMF radiation, tower removal, port charges, and IUC that may affect operator economics sector-wide(p.619)
- • Energy cost exposure—electricity tariff misclassification across states imposing commercial rates instead of industrial(p.622)
- • Regulatory and judicial challenges to tax positions on intra-group transactions in Dutch jurisdiction(p.650)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kumar Mangalam Birla | Promoter | Negligible | — |
| Hindalco Industries Limited | Promoter | 1.49% | — |
| Grasim Industries Limited | Promoter | 6.60% | — |
| Birla TMT Holdings Private Limited | Promoter | 0.70% | — |
| Vodafone International Holdings B.V. | Promoter | — | — |
| Al-Amin Investments Limited | Promoter | 1.62% | — |
| Asian Telecommunication Investments (Mauritius) Limited | Promoter | 1.95% | — |
| CCII (Mauritius), Inc. | Promoter | 0.89% | — |
| Euro Pacific Securities Ltd | Promoter | 11.12% | — |
| Vodafone Telecommunications (India) Limited | Promoter | 3.23% | — |
| Mobilvest | Promoter | 3.33% | — |
| Prime Metals Ltd | Promoter | 5.49% | — |
| Trans Crystal Ltd | Promoter | 2.90% | — |
| Omega Telecom Holdings Private Limited | Promoter | 0.55% | — |
| Usha Martin Telematics Limited | Promoter | 0.18% | — |
| Kumar Mangalam Birla | Promoter | Negligible | — |
| Hindalco Industries Limited | Promoter | 1.49% | — |
| Grasim Industries Limited | Promoter | 6.60% | — |
| Euro Pacific Securities Ltd | Promoter | 11.12% | — |
| Elaine Investments Pte. Ltd. | Promoter Group | 1.71% | — |
| Oriana Investments Pte. Ltd. | Promoter Group | 5.95% | — |
| Government of India | Government shareholder | 32.19% | — |
| Kumar Mangalam Birla | Promoter | — | — |
| Hindalco Industries Limited | Promoter | — | 1.49% |
| Grasim Industries Limited | Promoter | — | 6.60% |
| Euro Pacific Securities Ltd | Promoter | — | 11.12% |
| Prime Metals Ltd | Promoter | — | 5.49% |
| Vodafone Telecommunications (India) Limited | Promoter | — | 3.23% |
| Mobilvest | Promoter | — | 3.33% |
| Asian Telecommunication Investments (Mauritius) Limited | Promoter | — | 1.95% |
| Al-Amin Investments Limited | Promoter | — | 1.62% |
| CCII (Mauritius), Inc. | Promoter | — | 0.89% |
| Birla TMT Holdings Private Limited | Promoter | — | 0.70% |
| Vodafone Group Plc | Ultimate holding company/Promoter | — | 50.4% (post AGR equity conversion in February 2023) |
| Aditya Birla Group (through VIHBV - Vodafone International Holdings B.V.) | Promoter | — | 16.56% (post AGR equity conversion in February 2023) |
| Government of India | Shareholder (equity conversion from AGR dues) | — | 33.14% |
| Vodafone Group | Promoter Group | — | 50.4% |
| Aditya Birla Group | Promoter Group | — | 50.4% |
| Government of India | Promoter | — | 33.1% |
| Euro Pacific Securities Limited | Promoter | 16.08% | 11.49% |
| Grasim Industries Limited | Promoter | 10.33% | 6.82% |
| Oriana Investments PTE Ltd | Promoter | 9.32% | 6.15% |
| Prime Metals Limited | Promoter | 8.58% | 5.66% |
| Department of Investment and Public Asset Management (Government of India) | Promoter | — | 33.14% |
| Euro Pacific Securities Limited | Promoter | 11.13% | 16.08% |
| Grasim Industries Limited | Promoter | 11.55% | 10.33% |
| Oriana Investments PTE Ltd | Promoter | 7.47% | 9.32% |
| Prime Metals Limited | Promoter | 7.61% | 8.58% |
| Mobilvest | Promoter | 5.83% | 5.22% |
| Vodafone Telecommunications (India) Limited | Promoter | 5.65% | 5.06% |
| Trans Crystal Limited | Promoter | 5.08% | 4.55% |
| Aditya Birla Group | Promoter Group | — | — |
| Vodafone Group Plc | Promoter Group | — | — |
| Grasim Industries Limited | Promoter Group | 11.55% | — |
| Euro Pacific Securities Limited | Promoter Group | 11.13% | — |
| Prime Metals Limited | Promoter Group | 7.61% | — |
| Oriana Investments PTE Ltd | Promoter Group | 7.47% | — |
| Mobilvest | Promoter Group | 5.83% | — |
| Vodafone Telecommunications (India) Limited | Promoter Group | 5.65% | — |
| Trans Crystal Limited | Promoter Group | 5.08% | — |
| Aditya Birla group | Promoter Group | — | — |
| Vodafone group | Promoter Group | — | — |
| Kumar Mangalam Birla | Promoter | — | — |
| Grasim Industries Limited | Promoter Group | — | — |
Leadership
Pankaj Kapdeo · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Offer documents
Vodafone Idea IPO FAQs
What is the lot size of Vodafone Idea IPO?
The minimum lot size of Vodafone Idea IPO is 1,298 shares. One lot costs ₹14,278 at the cut-off price.
When does Vodafone Idea IPO open and close?
Vodafone Idea IPO opened for subscription on 18 Apr 2024 and closed on 22 Apr 2024.
What is the listing date of Vodafone Idea IPO?
Vodafone Idea IPO listed on 25 Apr 2024.