Bharat Highways InvIT IPO received bids for 10,57,27,500 units against 10,30,12,800 units on offer, translating into 1.03 times subscription.
Photograph: Rupak De Chowdhuri/Reuters
New Delhi, Feb 29 (PTI) The Initial Public Offer (IPO) of Bharat Highways InvIT got fully subscribed on the second day of bidding on Thursday.
The IPO received bids for 10,57,27,500 units against 10,30,12,800 units on offer, translating into 1.03 times subscription, according to data available with the NSE.
The category for other investors received 2.24 times subscription and the quota for institutional investors got subscribed 2 per cent.
The initial public offer aggregating up to Rs 2,500 crore is in a price range of Rs 98-100 per unit.
Bharat Highways InvIT on Tuesday said it collected Rs 826 crore from anchor investors.
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 managers to the offer.
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