Bharat Highways InvIT IPO Day 1: Issue subscribed over 0.37 times; Check GMP and other details

The initial public offering (IPO) of Bharat Highways InvIT received a lukewarm response from investors as the company was subscribed more than 0.37 times on the first day of offering.

The IPO of Bharat Highways InvIT had increased ₹825.97 Crore from anchor investors on Tuesday, February 27. The company informed the exchanges that it has allotted 8,25,97,350 shares ₹100 each.

Also Read: Bharat Highways InvIT IPO starts today: Check GMP, subscription status, verification, important dates and more. Apply or not?

Bharat Highways Infrastructure Investment is an infrastructure investment fund 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.

The purpose of Bharat Highways Infrastructure Investment, an infrastructure investment fund, is to acquire, monitor and invest in a wide range of Indian infrastructure assets. As per SEBI InvIT Regulations, the Trust is permitted to carry out infrastructure investment trust operations.

Also Read: Bharat Highways IPO InvIT: Infra Investment Trust increases ₹825.97 crore from anchor investors ahead of the IPO

Bharat Highways InvIT IPO Subscription Status

Bharat Highways InvIT's IPO was subscribed more than 0.37 times on February 28. The issue received bids of 3,83,46,450 units against the offered 10,30,12,800 units, as per data available with the exchanges.

The share of other investors has been subscribed 0.81 times and the share of institutional investors is still ongoing. It is to be noted that the IPO of Bharat Highways InvIT does not have a retail component. Only the NII and QIB portion is available.

Bharat Highways InvIT IPO GMP today

Bharat Highways InvIT IPO was GMP or gray market premium ₹0, which meant the shares traded at their issue price of ₹100 without any markup or discount on the gray market according to investorgain.com

“Gray market premium” indicates investors’ willingness to pay more than the issue price.

Also Read: Bharat Highways InvIT IPO starts today: From price range to GMP, here are 10 things you should know before subscribing to an issue

Bharat Highways InvIT IPO details

Bharat Highways InvIT IPO details.

Bharat Highways InvIT IPO is a book edition by ₹2,500 crores. The issue is entirely a fresh issue of shares worth ₹25 crore.

The Bharat Highways InvIT IPO has reserved not more than 75% of the offering size of shares in the public issue for qualified institutional buyers (QIB) and not less than 25% of the net issue for non-institutional investors (NII).

Tentatively, the allotment basis for the IPO of Bharat Highways InvIT will be completed on Monday, March 4 and the company will issue refunds on Tuesday, March 5 while the shares will be deposited in the demat account of the allottees on the same day be credited. Bharat Highways' InvIT shares are expected to list on the BSE and NSE on Wednesday, March 6.

The net proceeds will be used for general purposes and to provide loans to the Project SPVs to enable them to repay all or part of their respective existing indebtedness, including any accrued interest and prepayment penalties.

HDFC Bank Limited, Axis Capital Limited, IIFL Securities Limited and ICICI Securities Limited are the lead managers of the issue. KFin Technologies Limited is the registrar of the issue.

The trustee of InvIT is IDBI Trusteeship Services Limited. The investment manager, GR Highways Investment Manager Private Limited, and the sponsor, Aadharshila Infratech Private Limited, have been appointed.

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