PowerGrid InvIT’s IPO Subscribed 0.61 Times On Day 2
Power lines hang from transmission towers on Torrens Island, South Australia. (Photographer: Carla Gottgens/Bloomberg)

PowerGrid InvIT’s IPO Subscribed 0.61 Times On Day 2

PowerGrid InvIT continued to witness lukewarm response to its initial public offering on the second day of bidding.

The InvIT IPO—the twenty-first so far in 2021—was subscribed 0.61 times as of 5 p.m. on April 30, according to exchange data.

Subscription Details:

  • QIB: 0.38 times.
  • Non-institutional investors: 0.88 times.

PowerGrid InvIT is offering shares at Rs 99-100 apiece in the country’s largest initial public offering by an infrastructure investment trust. It plans to raise Rs 7,735 crore through a fresh issue of up to Rs 4,993.5 crore and existing investors offering units worth up to Rs 2,741.5 crore.

The initial share sale is being made through the book-building process, up to three-fourths of which will be allotted to institutional investors. Out of this, 60% is reserved for anchor investors. Not less than 25% of the offer shall be allotted on a proportionate basis to non-institutional investors, subject to bids being received at or above the offer price.

The proceeds of the fresh issue will be loaned to initial portfolio assets for repayment or pre-payment of debt, including any accrued interest.

The offer, which is scheduled to close on Monday, is being managed by ICICI Securities, Axis Capital, Edelweiss Financial Services and HSBC Securities and Capital Markets.

Also read: PowerGrid InvIT IPO - Well Positioned For Growth: ICICI Direct

Also read: PowerGrid InvIT IPO - Attractive Candidate To Play The Monopoly: Prabhudas Lilladher

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