IPO screener: Bharat Highways InvIT listing today

Units of Bharat Highways InvIT will be listed on the bourses today. Bharat Highways InvIT is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India and carry on the activities of an infrastructure investment trust under SEBI’s InvIT rule.

The initial public offering saw a robust response from investors, as the issue was subscribed 8.01 times. The ₹2,500-crore InvIT had a price band of ₹98-100 per unit, and the unit price has been fixed at ₹100.

Its initial portfolio consists of seven road assets, all operating on a HAM (Hybrid Annuity Model) basis, in Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh, consisting of about 497.292 km of constructed and operational roads.

Ahead of issue opening, Bharat Highways InvIT on Tuesday mopped up ₹825.97 crore from anchor investors. The InvIT has allotted 8.26 crore units to 37 funds at ₹100 apiece.

Among the marquee investors are Copthall Mauritius Investment Ltd, Societe Generale, ICICI Prudential Mutual Fund, HDFC Mutual Fund, UTI Mutual Fund, Axis Mutual Fund, Reliance General Insurance Company, and Max Life Insurance Co Ltd.

Proceeds from the issue will be used to provide loans to the project SPVs (Special Purpose Vehicles) to repay their outstanding loans.

ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities are the book-running lead managers to the issue.