Bharat Highways InvIT IPO subscribed 37% on first day of offer
The sale received bids for 3,83,46,450 units against 10,30,12,800 units on offer. Bharat Highways InvIT collected Rs826 cr from anchor investor
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New Delhi: The Initial Public Offering (IPO) of Bharat Highways InvIT, an infrastructure investment trust, got subscribed 37 per cent on the first day of offer on Wednesday. The sale received bids for 3,83,46,450 units against 10,30,12,800 units on offer, according to NSE data. Institutional investors category picked up 2.52 lakh units against 5.61 crore units on offer. Other investors category got subscribed 81 per cent.
Bharat Highways InvIT on Tuesday said it collected Rs826 crore from anchor investors. The Rs2,500 crore-public issue of Bharat Highways will conclude on March 1. The price band is Rs98-100 per unit. Proceeds from the issue will be utilised to provide loans to the project SPVs (Special Purpose Vehicles) for repayment of their outstanding loans. Bharat Highways InvIT is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India.
Its initial portfolio consists of seven road assets, all operating on HAM (Hybrid Annuity Model) basis, in Punjab, Gujarat, Andhra Pradesh, Maharashtra and Uttar Pradesh consisting of about 497.292 kilometres of constructed and operational roads. ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities are the book-running lead managers to the issue.
