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Home >Markets >Ipo >PowerGrid’s first InvIT public offer subscribed 10% on day one

Mumbai: The public issue of PowerGrid Infrastructure Investment Trust, the first InvIT offering by a state-owned entity, garnered 10% subscription on Thursday, the first day of the issue.

The issue received bids for 4.32 crore equity shares against issue size of 42.54 crore shares, according to stock exchange data.

The portion of the share sale reserved for qualified institutional investors was subscribed just 3% one day one, while that reserved for non institutional investors was subscribed 20%.

Earlier on Wednesday, the PowerGrid InvIT raised nearly 3480 crore from anchor investors. It allotted units of the InvIT at 100 a share, the upper end of the price band for the public offer, to 47 institutional investors.

Canada’s largest pension fund Canada Pension Plan Investment Board, US based Capital Group and domestic institutional investors SBI Mutual Fund and HDFC Mutual Fund are the top anchor investors in PowerGrid Infrastructure Investment Trust public issue.

Among the anchor investors are SBI Mutual Fund (MF), HDFC MF, Tata MF, Fidelity Funds, Tata AIA Life Insurance Company, Tata AIG General Insurance Company, SBI Life Insurance Company, UTI MF, ICICI Prudential MF, Sundaram MF, Rainbow Investments Ltd and CPP Investment Board Private Holdings.

In the anchor book, CPP Investment Board Private Holdings Inc (CPPIB) has been allocated 7.99 crore units worth 799.99 crore, US-based Capital Income Builder allotted 4 crore units worth 400 crore) and SBI Mutual fund and HDFC Mutual Fund including its various scheme got approximately 4 crore units worth 400 crore each.

The remainder of the units have been subscribed by several local and international institutional investors.

The firm plans to raise nearly 7735 crore via public issue by issuing fresh shares worth 4993.48 crore and an offer for sale of 2741.50 crore by its current promoters and shareholders. It has fixed a price band of 99-100 per unit and the issue will close on 3 May.

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