Bharat Highways InvIT launches IPO at Rs 98-100 per share

Bharat Highways InvIT, an infrastructure investment trust, is set to launch its initial public offering (IPO) on February 28, aiming to raise Rs 2,500 crore. The IPO will run until March 1, with a price band set at Rs 98-100 per share. The funds raised will primarily be used to provide loans to project SPVs for repayment of their outstanding loans.

Established to acquire, manage, and invest in a portfolio of infrastructure assets in India, Bharat Highways InvIT's initial portfolio includes seven road assets operating on the hybrid annuity model (HAM) in various states, totaling approximately 497.292 km.

In addition, the InvIT has secured an agreement with G R Infraprojects (GRIL), granting it a right of first offer to acquire certain road assets. The issue size has allocated 75 percent for qualified institutional bidders (QIBs) and 25 percent for non-institutional investors (NIIs), with a minimum bidding requirement of 150 units and multiples thereof.

The book running lead managers for the issue are ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities. Post-IPO, the units are proposed to be listed on both the BSE and NSE.