Bharat Highways InvIT stages silent debut, lists at 1.1% premium

The InvIT also raised Rs 826 crore from the anchor book where prominent names like HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, Societe Generale among others.

Bharat Highways Infrastructure Investment Trust (InvIT) staged a lacklustre debut on the bourses as its shares listed at Rs 101.10 on the bourses on March 12, at a premium of just over 1 percent over its IPO price of Rs 100.

The silent debut was aligned with market expectations as the company's Rs 2,500 crore public offer, which was the biggest in 2024 so far, received a tepid response from investors. The company's public offer was subscribed 8.02 times as investors bid for 82.53 crore units against an offer size of 10.3 crore units.

Institutional investors showed the maximum interest and picked up 8.91 times the allotted quota, while non-institutional investors bought 6.93 times the portion set aside for them.

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The infrastructure investment trust, which has a portfolio of seven road assets launched, plans to use the proceeds of the issue will be utilised for providing loans to the project SPVs (special purpose vehicles) for repaying their outstanding loans, and general corporate purposes. The company's initial public offer was a completely fresh issue.

Bharat Highways InvIT is an infrastructure investment trust formed to acquire, oversee, and invest in a collection of infrastructure assets within India. Its activities align with the guidelines outlined by the Sebi InvIT regulations.

The assets of the InvIT are situated across Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh, and encompass projects developed under the hybrid annuity model (HAM) and awarded by the National Highways Authority of India (NHAI). The revenue generated from these assets primarily stems from annuity payments issued by NHAI.

The InvIT also raised Rs 826 crore from the anchor book where prominent names like HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, Societe Generale, Copthall Mauritius Investment, HDFC Life Insurance Company, and Max Life Insurance Company participated.

Also Read | Bharat Highways InvIT IPO sees 8.02 times subscription on last day of bidding

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