Bharat Highways InvIT was subscribed over 8 times on the last day of IPO bidding.
The company acquires, manages, and invests in a portfolio of infrastructure assets in the country through setting up a trust under the SEBI InvIT Regulations.
At present, the trust’s portfolio has seven roads based in Punjab, Andhra Pradesh, Gujarat, Uttar Pradesh, and Maharashtra operated on a HAM basis.
These roads are owned and managed by the Project SPVs, which are presently completely owned by GRIL, and are operated and maintained by concession rights granted by the NHAI.
10 things to know about Bharat Highways InvIT IPO
IPO size: The company will raise Rs 224 crore from the investors.
Shares offered: The company is offering 25 crore shares to the investors, which is totally a fresh issue.
Listing: The company’s shares will be listed on both BSE and NSE and are expected to be listed by March 12.
Price band: The company set the price band in the range of Rs 98 to 100 per equity share.
Reservation: Not more than 75% of the issue has been reserved for Qualified Institutional Buyers and not less than 25% of the net issue for Non-Institutional Investors.
BRLM: ICICI Securities, Axis Bank, Hdfc Bank, and Iifl Securities are the lead-running book managers for the issue.
Registrar: Kfin Technologies is the registrar for the IPO of Bharat Highways InvIT.
Anchor investor: The company raised Rs 825.97 crore from the anchor investors by offering them 8.25 crore shares.
Objects to raise money: The company will be utilising these funds to provide loans to the Project SPVs so they may fully or partially repay their respective existing debts, including any accrued interest and prepayment penalties. The raised money will also be used for other general corporate purposes.
GMP: The stocks of the company were seeing a 2% premium in the grey market ahead of listing.