Shares of India Grid Trust made a tepid debut at the bourses today, opening flat against the issue price of Rs 100. The stock listed at Rs 100 on BSE. It later tumbled 6 per cent to hit a low of Rs 94. At NSE, shares of the company opened at Rs 99.70, down 0.3 per cent against the issue price.
The company commands a market valuation of Rs 2,652.82 crore. The IPO of India Grid Trust, second in the infrastructure investment trusts (InvIT) space, was subscribed 1.35 times, with institutional investors category getting oversubscribed 1.14 times and other investors 1.60 times.
The price band for the offer, which was open during May 17-19, was set at Rs Rs 98-100 per unit. Morgan Stanley India, Citigroup Global Markets India and Edelweiss Financial Services were the lead managers to the issue.
InvITs are debt instruments that are traded in the market and can act as investment vehicles for sponsors. The listing of instruments enables promoters of infrastructure to monetise completed assets and raise funds for other long-term projects.
Earlier, IRB InvIT Fund got listed on the stock exchanges in May.