IPO Details

Bidding Dates

18 Apr '24 - 22 Apr '24

Minimum Investment

₹14,278 / 1 Lot ( 1,298 Shares )

Price Range

₹10 - ₹11

Maximum Investment

₹1,99,892 / 14 Lot (18,172 Shares )

Retail Discount


Issue Size

₹18,000.00 Cr

Investor category and sub category

Qualified Institutional Buyers  |   Retail Individual Investors  |   Non-institutional Investor  |  

IPO Dates

Important dates with respect to IPO allotment and listing

FPO Opening Date

Apr 18, 2024

FPO Closing Date

Apr 22, 2024

Basis of Allotment

Apr 23, 2024

Initiation of Refunds

Apr 24, 2024

Credit of Shares to Demat

Apr 24, 2024

FPO Listing Date

Apr 25, 2024

Cut-off time for UPI mandate confirmation

Apr 22, 2024

VI FPO Subscription Details


Day 1Apr 18, 2024

0.67x 0.31x 0.07x 0.29x

Day 2Apr 19, 2024

1.03x 0.83x 0.14x 0.54x

Day 3Apr 22, 2024

19.31x 4.54x 1.01x 6.99x

VI FPO Subscription Status Live

Investor Category Subscription (Times)
Qualified Institutional Buyers 19.31
Non-Institutional Buyers 4.54
Retail Investors 1.01
Total 6.99

About Vodafone Idea Ltd

Vodafone Idea Limited, also known as VI Limited, is a major telecommunications service provider in India, established in March 1995. The company offers a wide range of telecommunications services including voice, data, and various value-added services across 2G, 3G, and 4G network technologies. These services cater to both enterprise customers and individual consumers, encompassing options like short messaging and digital services.

As of the end of 2023, VI Limited boasts a substantial customer base with over 223 million subscribers, holding a 19.3% share of the subscriber market. The company’s network is robust, handling 401 billion voice minutes and transmitting 6,004 billion megabytes of data as of December 31, 2023.

Globally, Vodafone, under which VI Limited operates, provides mobile and fixed services to more than 300 million customers across 17 countries and engages in Internet of Things (IoT) partnerships in 45 countries, making it one of the largest IoT platforms worldwide.

The company has benefited from the longstanding expertise and brand strength of both Vodafone and Idea, each bringing over three decades of experience in the telecommunications industry. For the fiscal year 2023, VI Limited reported a total income of ₹424,885 million, with earnings of ₹321,256 million for the nine months ending December 31, 2023.

In India, VI Limited manages approximately 183,400 tower locations and offers broadband services to over 438,900 units, extending coverage to over a billion people. This extensive infrastructure supports an enhanced 4G coverage, which has expanded significantly since the merger of Vodafone and Idea.

The company also maintains a strong retail presence with around 2,300 branded stores in urban areas across India, covering over 95% of all districts. These include both company-owned and franchisee-operated stores.

As for its workforce, VI Limited employed 12,598 people across all operations by the end of 2023. This large team supports the company's extensive subscriber base and operational requirements, ensuring that VI Limited remains a key player in India’s competitive telecommunications sector.

Industry Outlook

  1. India, the world's second-largest telecom market, boasts 1,158.49 million wireless subscribers, driven by rapid adoption and extensive reach in both urban and rural areas.
  2. With an urban wireless teledensity of 122.78% and rural at 58.26%, India shows a stark contrast in connectivity penetration between urban wealth and rural accessibility.

VI Ltd FPO Details

VI Ltd FPO Dates

VI FPO is open from April 18, 2024, to April 22, 2024. The FPO will be listed on BSE, NSE.

VI Ltd FPO Price Band

VI is a book-built issue FPO. The price band is set at ₹10 to ₹11 per share.

VI Ltd FPO Lot Size

The lot size for VI Limited’s FPO is 1,298 shares with a minimum investment of ₹14,278.

VI Ltd FPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Purchase of equipment for the expansion of our network infrastructure by:
    1. setting up new 4G sites;
    2. expanding the capacity of existing 4G Sites and new 4G sites; and (c) setting up new 5G sites;
  2. Payment of certain deferred payments for spectrum to the DoT and the GST thereon; and
  3. General corporate purposes

Peer Details

The following are the listed peers of VI:

  1. Bharti Airtel Limited
  2. Reliance Jio Infocomm Limited

How To Check the Allotment Status of the VI Limited FPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the individual order details page of the FPO that you had applied for.
  3. Check the FPO allotment status. As such, Angel One will notify you of your FPO allotment status via push notification, email and SMS.

Contact Details of VI Limited

Registered office: Suman Tower, Plot No. 18, Sector 11, Gandhinagar 382 011, Gujarat, India

Phone: +91 98246 34997

E-mail: shs@vodafoneidea.com

IPO Financials

Particulars 9-Month period Ending on December 31, 2023 Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Revenue from Operations (in ₹ million) 320,449 421,772 385,155 419,522
Profit After Tax (PAT) (in ₹ million) (235,638) (293,011) (282,454) (442,331)
Cash & Cash Equivalents (in ₹ million) 3,189 2,288 14,532 3,503
Net Worth (in ₹ million) (979,319) (743,591) (619,648) (382,280)
Debt to Equity Ratio(x) (2.07) (2.71) (3.06) (4.71)
Average Revenue Per User (ARPU) (₹) 145 135 124 107
Customer base for mobile services (in millions) 215.20 225.90 243.80 267.80
Earning Per Share (EPS)-in absolute ₹ (4.84) (8.43) (9.83) (15.40)

Know before investing


  1. As of December 31, 2023, the company boasts over 223.0 million subscribers, capturing a 19.3% market share in India's mobile telecommunications sector.

  2. It holds 8,005.2 MHz of spectrum across various bands, providing robust 2G, 3G, 4G, and 5G services to over one billion people across India.

  3. The company's 4G network is 5G-ready, with more than 74,800 TDD radios and 13,900 Massive MIMO sites, enhancing capacity and flexibility for future technologies.

  4. Holds a 29.9% market share in enterprise mobility and 30.3% in IoT services revenue as of September 30, 2023, serving a diverse range of clients.

  5. Backed by the Aditya Birla Group and Vodafone group, it received ₹179.2 billion from the Promoter Group in 2019 and an additional ₹49.35 billion between March and July 2022.


  1. The company's auditors have flagged a material uncertainty about its ability to continue as a going concern, raising concerns about its financial sustainability.

  2. If the company fails to update its technology or match consumer preferences, it risks losing market competitiveness, negatively impacting its operations and financial health.

  3. The company needs substantial capital to fund its expansion, with capital expenditures of ₹33,565 million in Fiscal 2023. Inadequate funding could severely affect its business operations.

  4. As of February 29, 2024, the company has a significant total indebtedness of ₹2,018,291 million. Failure to meet these obligations could lead to financial instability and operational disruptions.

  5. Changes in regulatory frameworks and spectrum allocation could modify, suspend, or terminate the company’s licenses, potentially leading to increased operational costs and restricted growth.

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Vodafone Idea FPO (VI FPO) FAQs

What is VI Ltd's FPO?

VI FPO is a book-built FPO. The FPO will be open from April 18, 2024 to April 22, 2024.

When will VI Ltd's FPO be allotted?

The Basis of Allotment will happen on Wednesday, April 24 2024.

When will VI Ltd's FPO open for subscription?

The FPO subscription window will open on April 18, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 1,298 shares.

When will VI Ltd list on exchanges?

The listing date for VI is Thursday, April 25, 2024.

What would be the listing gains on the VI Ltd FPO?

Listing gains cannot be ascertained before the listing of the FPO on the stock exchange.

I have finished the application process for the VI Ltd FPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for VI Ltd's FPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of VI Ltd using one PAN?

You can submit only one application using your PAN card.