Bharat Highways InvIT IPO: The initial public offering (IPO) of Bharat Highways InvIT was fully subscribed on the third and final day of bidding, driven by strong demand from investors. Bharat Highways InvIT IPO hit the Indian primary market and opened for subscription on Wednesday, February 28, and closed today (Friday, March 1, 2024.)
Bharat Highways Infrastructure Investment is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India. The Trust is authorized to carry on the activities of an infrastructure investment trust under the SEBI InvIT Regulations.
Also Read: Bharat Highways InvIT IPO subscribed 1.03 times on day 2; check GMP, bidding status, other details
Let us check Bharat Highways InvIT IPO subscription status, GMP and other key details:
Bharat Highways InvIT IPO Subscription Status:
The issue received bids of 82,53,24,300 units against the offered 10,30,12,800 units, at a price band of ₹98-100, according to the data available on the stock exchanges. Other investors portion was subscribed 6.93 times and Institutional Investors Portion was subscribed 8.92 times.
Bharat Highways InvIT IPO had reserved not more than 75 per cent of the offer size of the shares in the public issue for qualified institutional buyers (QIB), and not less than 25 per cent of the net issue for non institutional investors (NII).
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Bharat Highways InvIT IPO details
Bharat Highways InvIT IPO is a book built issue of ₹2,500 crore. The issue is entirely a fresh issue of 25 crore shares. Bharat Highways InvIT IPO price band has been set in the range of ₹98 to ₹100 per equity share. The lot size is 150 equity shares and in multiples of 150 equity shares thereafter.
Tentatively, Bharat Highways InvIT IPO basis of allotment of shares will be finalised on Monday, March 4 and the company will initiate refunds on Tuesday, March 5, while the shares will be credited to the demat account of allottees on the same day. Bharat Highways InvIT shares are likely to be listed on BSE and NSE on Wednesday, March 6.
The net proceeds will be utilised for general purposes and to provide loans to the Project SPVs so they may fully or partially repay their respective existing debts, including any accrued interest and prepayment penalties.
HDFC Bank Limited, Axis Capital Limited, IIFL Securities Limited, and ICICI Securities Limited are the issue’s lead managers. KFin Technologies Limited is the Issue’s Registrar.
The InvIT’s Trustee is IDBI Trusteeship Services Limited. The investment manager, GR Highways Investment Manager Private Limited, and the sponsor, Aadharshila Infratech Private Limited, have been appointed.
Bharat Highways InvIT IPO GMP today
Bharat Highways InvIT IPO GMP or grey market premium was ₹2, which meant shares were trading at their issue price of ₹100 with a premium of ₹2 in the grey market according to investorgain.com. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Considering the upper end of the IPO price band and the current premium in the grey market, Bharat Highways InvIT IPO expected listing price was ₹102 apiece, which is two per cent higher than the IPO price of ₹100.
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Published: 01 Mar 2024, 07:29 PM IST