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BANGALORE, INDIA: Bharti Infratel, the telecom tower unit of Bharti Airtel Ltd., has opened its shares initial public offer for subscription at Rs 210-240 per share.

The company proposes to use the proceeds to install 4813 new towers besides upgradation and replacement of existing towers and green initiatives.

The company, which has 34,000+ towers across the circles, plans to raise over RS 4467 crore through IPO, which is said to be the biggest IPO in Indian market in the past two years.

The public offering opens on December 11 and closes on December 14.

However, there have been concerns over it being a bit expensive. Market Analyst Ambareesh Baliga was quoted in moneycontrol.com as saying that investors must hold on for the one year to get good returns.

Research firm Angel Broking was quoted as stating: "Low asset turnover and minimal use of leverage in a capital intensive industry have resulted in low RoE for Bharti Infratel over the past three years. Bharti Infratel's RoE has remained in the range of 4.0-5.2 in the past couple of years."

NDTV reported as domestic brokerage Ambit saying that there could be a dip in Bharti's earnings due to drop in tenancies and weak uptake in 3G/4G services and rising incidence of upgrades to existing 2G footprint (as opposed to fresh base station deployment), thereby reducing the need for new towers/tenancies.