India's first infrastructure investment trust dips on debut

Paterniano Del Favero
Mag 19, 2017

The infrastructure investment trust had successfully closed its initial public offering (IPO) earlier this month, with the issue being oversubscribed 8.57 times. The institutional investors category was oversubscribed 10.81 times and other investors 5.89 times.

IRB InvIT shares were trading 2.21 percent higher at 104.25 rupees by 0432 GMT on the National Stock Exchange, having risen to as high as 105 rupees compared with their issue price of 102 rupees.

InvITs or infrastructure investment trusts are those debt instruments that will be traded in the market and can act as investment vehicles for sponsors.

The fund raised almost Rs 2,100 crore from anchor investors allotting almost 20.53 crore units at Rs 102 apiece on Tuesday.

IDFC Bank, Credit Suisse Securities and ICICI Securities were the lead managers to the offer.

The issue received bids for 20.46 lakh shares from institutional investors of their quota of 6.88 crore shares.

IRB Infra Investment Trust shares fell in its trading debut on Thursday.

IndiGrid is an infrastructure investment trust established to own inter-state power transmission assets in India.

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