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Business News/ Markets / Ipo/  Bharat Highways InvIT IPO subscribed 1.03 times on day 2; check GMP, bidding status, other details
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Bharat Highways InvIT IPO subscribed 1.03 times on day 2; check GMP, bidding status, other details

Bharat Highways InvIT IPO: The issue received bids of 10,57,27,500 units against the offered 10,30,12,800 units, at a price band of ₹98-100.

Bharat Highways InvIT IPO opened for subscription on February 28, and will close on Friday, March 1. (https://www.bharatinvit.com/)Premium
Bharat Highways InvIT IPO opened for subscription on February 28, and will close on Friday, March 1. (https://www.bharatinvit.com/)

Bharat Highways InvIT IPO: The initial public offering (IPO) of Bharat Highways InvIT was fully subscribed on the second day of bidding, driven by stable demand from investors.

Bharat Highways InvIT IPO hit the Indian primary market and opened for subscription on Wednesday, February 28, and will remain open till 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.

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 10,57,27,500 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. Overall, the issue was subscribed 1.03 times. Other Investors portion was subscribed 2.24 times and institutional investors portion was subscribed 0.02 times.

Bharat Highways InvIT IPO has 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).

Bharat Highways InvIT IPO details.
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Bharat Highways InvIT IPO details.

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 0, which meant shares were trading at their issue price of 100 with no premium or discount in the grey market according to investorgain.com. 'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Bharat Highways InvIT IPO: Check GMP, subscription status, review, key dates, more. Apply or not?

Bharat Highways InvIT IPO review

Domestic brokerage firm Master Capital Services Limited said from what it gathered that the trust plans to optimise distributions to unitholders while optimising capital structure to ensure that it has the financial flexibility to undertake future purchases. 

The Amended and Restated Trust Deed's terms will be followed by the trust as it seeks to acquire other road projects that fulfil the investment aim, thus growing its initial portfolio. 

“Additionally, it intends to take advantage of certain acquisition opportunities that may be available by sourcing and acquiring assets from such third parties on a caseby-case basis in accordance with the SEBI InvIT Regulations. Investors looking to invest, can invest in this IPO with a medium to long term perspective," the brokerage said.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 29 Feb 2024, 08:53 PM IST
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