Bharat Highways InvIT IPO: Infra investment trust raises ₹825.97 crore from anchor investors ahead of IPO

The company informed the bourses that it allocated 8,25,97,350 shares at ₹100 per share to 37 anchor investors.

Some of the institutions who participated in the anchor book were ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund, Quant Mutual Fund, HDFC Life Insurance, Nippon India Mutual Fund, Axis Mutual Fund, Aditya Birla Mutual Fund, UTI Mutual Fund, Max Life Insurance, Baroda BNP Mutual Fund, Reliance General Insurance and DSP Mutual Fund amongst others.

Also read: Bharat Highways InvIT IPO: From price band to GMP, here are 10 things to know before subscribing to issue

“Out of the total allocation of 8,25,97,350 units to the Anchor Investors, 6,10,00,350 units were allocated to 11 Domestic Mutual Funds through a total of 27 Schemes amounting to ₹610 Crore i.e. ~74% of the Total Anchor Book Size,” the company said in an exchange filing.

ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited and IIFL Securities Limited are the Book-running Lead Managers to the Issue and KFin Technologies Limited is the Registrar of the Offer. The shares are proposed to be listed on both BSE and NSE.

Bharat Highways InvIT IPO details

₹98 to ₹100 per share.” title=”Bharat Highways InvIT IPO price band is set at ₹98 to ₹100 per share.”>

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The public issue is of its shares aggregating up to ₹ 25,000 million, with a price band of ₹98-100 per share.

The company is proposing to open its IPO on Tuesday, February 28, 2024, and closes on Friday, March 1, 2024. The minimum bid size for bidders other than anchor investors is ₹14,700. Bidders can make bids for a minimum of 150 Units and in multiples of 150 Units thereafter.

The Issue is being made through the Book Building Process, wherein not more than 75% of the Net Issue shall be available for allocation on a proportionate basis to Institutional Investors, and not less than 25% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Investors.

Also read: Bharat Highways Invit IPO: Check date, size and key other details

The net proceeds are proposed to be utilised towards providing loans to the project SPVs for repayment/ pre-payment, in part or in full, of their respective outstanding loans (including any accrued interest and prepayment penalty) and for general purposes.

The allotment for the Bharat Highways InvIT is expected to be finalized on Monday, March 4, 2024. The shares of infra investment company will list on BSE, NSE with tentative listing date fixed as Wednesday, March 6, 2024.

The shares of Bharat InvIT IPO are currently not trading in the grey market, which means that the shares of the infra investment company is available at a premium of ₹0, as per market observers.

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Published: 27 Feb 2024, 10:11 PM IST