The IPO of Bharat Highways Invit, an infrastructure investment trust focused on acquiring, managing, and investing in a portfolio of infrastructure assets in India, has opened for subscription on February 28 and will continue until March 1. The company aims to generate approximately Rs 2,500 crore through this public offering.
Bharat Highways Invit, operating as an infrastructure investment trust under Sebi InvIT regulations, has commenced the subscription phase of its initial public offering (IPO). The IPO, open for subscription from February 28 to March 1, targets raising funds to the tune of Rs 2,500 crore.
About Bharat Highways Invit:
Bharat Highways Invit is established with the primary objective of acquiring, managing, and investing in a diversified portfolio of infrastructure assets in India. As an infrastructure investment trust, it operates under the regulatory framework set by the Securities and Exchange Board of India (SEBI) for InvITs.
Key Details of the IPO:
- The IPO offers shares in the price band of Rs 98-100 per share.
- Investors can bid for a minimum of 150 shares in one lot, with multiples thereafter.
- Institutional investors are allotted 75% of the IPO, while the remaining portion is reserved for retail investors.
Utilization of IPO Proceeds:
The net proceeds generated from the IPO will be deployed for repaying the debt availed by the project Special Purpose Vehicles (SPVs) and for meeting general corporate requirements.
For the financial year ending March 2023, the SPV Group company’s revenue from operations was reported at Rs 1,537 crore, showing a marginal decrease from the previous fiscal’s Rs 1,600 crore. However, the profit for FY23 witnessed a substantial surge, reaching Rs 527 crore, a significant increase compared to Rs 62.8 crore in FY22.
The lead managers for the IPO include ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities. Share allotment is expected to be finalized on March 4, with the estimated listing date set for March 6.
Conclusion:
Bharat Highways Invit’s IPO marks a strategic move in the realm of infrastructure investment trusts, aiming to raise substantial funds for debt repayment and corporate purposes. The successful subscription and subsequent listing are anticipated to contribute to the company’s growth and its role in India’s infrastructure landscape.
