Bharat Highways InvIT saw a subdued listing at Rs 101.10 against the issue price of Rs 100. It raised Rs 2,500 crore from the investors by offering them a fresh issue of 25 million shares, which means the full amount will go into the company’s account.
It was fetching a lukewarm response in the grey market, with a premium of Rs 2 per equity share to the issue price before listing. In the grey market, shares are traded illegally before listing.
The infrastructure company opened IPO bidding for retail investors on February 28 and kept the last day as March 1. The shares were listed on both NSE and BSE.
Bharat Highways set the price band in a range of Rs 98 to 100 per equity share. With a minimum lot size of 150 shares, summing to Rs 15,000 for a single application.
The company is in the business of an infrastructure investment trust that acquires, manages, and invests in various infrastructure assets in the country. The company has the SEBI InvIT regulations nod to carry out activities of an infrastructure investment trust.
ICICI Securities, Axis Bank, HDFC Bank, and IIFL Securities were the book-running lead managers for the issue, and Kfin Technologies managed the role of registrar.