Bharat Highways InvIT's IPO was subscribed 8 times on the last day, with institutional investors showing strong interest. The IPO raised Rs 2,500 crore and will be used to provide loans for project SPVs.
Photograph: Rupak De Chowdhuri/Reuters
New Delhi, Mar 1 (PTI) The Initial Public Offer (IPO) of Bharat Highways InvIT received 8 times subscription on the last day of offer on Friday.
The IPO received bids for 82,53,24,300 units against 10,30,12,800 units on offer, according to data available with the NSE.
The portion for institutional investors got subscribed 8.92 times and the other investors' portion received 6.93 times subscription.
The IPO, aggregating up to Rs 2,500 crore, had 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 were the managers to the offer.
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