The IPO of Bharat Highways InvIT opens for subscription today, February 28, and will close on March 1. Prior to this, on February 27, the company raised ₹825.97 crore from anchor investors by allocating 8,25,97,350 equity shares at ₹100 each.
The price band for Bharat Highways InvIT IPO is set between ₹98 to ₹100 per equity share, with a lot size of 150 equity shares and multiples thereafter. The IPO reserves up to 75% of shares for Qualified Institutional Buyers (QIB) and at least 25% for Non-Institutional Investors (NII).
The basis of share allotment for Bharat Highways InvIT IPO is expected to be finalized on March 4, with refunds initiated on March 5 and shares credited to allottees’ demat accounts on the same day. The company anticipates listing on BSE and NSE by March 6.
Bharat Highways InvIT is an infrastructure investment trust focused on acquiring, managing, and investing in Indian infrastructure assets, particularly highways. Its portfolio includes seven highways across several states, operated under concession rights from NHAI.
The company’s financial performance shows a significant increase in profit after tax (PAT) by 738.34% from March 31, 2022, to March 31, 2023, despite a slight revenue decline of 3.92%.
The IPO, amounting to ₹2,500 crores, consists entirely of fresh issues of 25 crore shares. Proceeds will be used for general purposes and to provide loans to Project SPVs for debt repayment.
HDFC Bank Limited, Axis Capital Limited, IIFL Securities Limited, and ICICI Securities Limited are the lead managers, with KFin Technologies Limited serving as the registrar. IDBI Trusteeship Services Limited acts as the InvIT’s Trustee, while GR Highways Investment Manager Private Limited manages investments, and Aadharshila Infratech Private Limited serves as the sponsor.
As for the grey market premium (GMP), it currently stands at ₹0, indicating that shares are trading at their issue price of ₹100 with neither premium nor discount.
