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Home >Markets >Ipo >Power Grid fixes InvIT public issue price at 99- 100 a share

Mumbai: PowerGrid Infrastructure Investment Trust (InvIT) has fixed a price band of 99-100 for its public issue. Earlier the company said that its issue will open on 29 April and close on 3 May.

The anchor investors will start bidding on 28 Apr, the company said.

This will be the first time a state-owned entity is monetizing its infrastructure assets through the InvIT route. This will also be only the third InvIT to be listed in the Indian markets, after IRB InvIT and India Grid Trust both of which went public in 2017.

In January, Mint reported that the issue will see the InvIT raise up to 4,995 crore by selling new units of the trust, while its sponsor Power Grid also plans to sell units worth up to Rs3,000 crore, taking the total size of the share sale to almost Rs8,000 crore.

The InvIT will initially comprise of 11 power transmission lines currently owned and operated by Power Grid.

This will also be the first time a state-owned entity is monetizing its infrastructure assets through the InvIT route. This will also be only the third InvIT to be listed in the Indian markets, after IRB InvIT and India Grid Trust both of which went public in 2017.

ICICI Securities, Axis Capital, Edelweiss Financial Services and HSBC Securities and Capital Markets India are the lead managers to the issue.

Power Grid is not the only state owned entity that plans to raise funds through the InvIT route.

Mint reported on 15 January that state owned National Highways Authority of India (NHAI) plans to mobilize almost 10,000 crore this calendar year through an InvIT and other avenues.

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