IPO of Bharat Highways InvIT subscribed over 8 times

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The initial public offering of Bharat Highways InvIT saw a robust response from investors, as the issue was subscribed 8.01 times. The ₹2,500-crore InvIT came out with a price band of ₹98-100 per unit.

The quota for qualified institutions was subscribed 8.92 times while that of other investors (including both retail and high networth individuals) 6.93 times.

Bharat Highways InvIT is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India, and to carry on the activities of an infrastructure investment trust under SEBI’s InvIT rule.

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 km of constructed and operational roads.

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Ahead of the issue opening, Bharat Highways InvIT on Tuesday mopped up ₹825.97 crore from anchor investors. The InvIT has allotted 8.26 crore units to 37 funds at ₹100 apiece.

Marquee investors

Among the marquee investors are Copthall Mauritius Investment Ltd, Societe Generale, ICICI Prudential Mutual Fund, HDFC Mutual Fund, UTI Mutual Fund, Axis Mutual Fund, Reliance General Insurance Company, and Max Life Insurance Co.

Proceeds from the issue will be utilised to provide loans to the project SPVs (Special Purpose Vehicles) for repayment of their outstanding loans. ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities are the book-running lead managers to the issue.