Bharat Highways InvIT IPO Day 1: Issue subscribed over 0.37 times; check GMP, other details

Bharat Highways InvIT initial public offerings (IPO) received a tepid response from investors as it was subscribed over 0.37 times on the first day of bidding.

Bharat Highways InvIT IPO had raised ₹825.97 crore from anchor investors on Tuesday, February 27. The company notified the exchanges that it allocated 8,25,97,350 equity shares at ₹100 apiece.

Also read: Bharat Highways InvIT IPO opens today: Check GMP, subscription status, review, key dates, more. Apply or not?

Bharat Highways Infrastructure Investment is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India. The Trust is authorized to carry on the activities of an infrastructure investment trust under the SEBI InvIT Regulations.

The purpose of Bharat Highways Infrastructure Investment, an infrastructure investment trust, is to purchase, supervise, and invest in a variety of Indian infrastructure assets. According to the SEBI InvIT Regulations, the Trust is permitted to conduct infrastructure investment trust operations.

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

Bharat Highways InvIT IPO subscription status

The Bharat Highways InvIT IPO was subscribed over 0.37 times on February 28. The issuereceived bids of 3,83,46,450 units against the offered 10,30,12,800 units, according to the data available on the stock exchanges.

Other Investors Portion was subscribed 0.81 times and Institutional Investors Portion are still to see traction. It is to be noted that Bharat Highways InvIT IPO has no retail portion. Only the NII and QIB portion is available.

Bharat Highways InvIT IPO GMP today

Bharat Highways InvIT IPO GMP or grey market premium was ₹0, which meant shares were trading at their issue price of ₹100 with no premium or discount in the grey market according to investorgain.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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

Bharat Highways InvIT IPO details

Bharat Highways InvIT IPO is a book built issue of ₹2,500 crores. The issue is entirely a fresh issue of 25 crore shares.

Bharat Highways InvIT IPO has reserved not more than 75% of the offer size of the shares in the public issue for Qualified Institutional Buyers (QIB), and not less than 25% of the net issue for Non Institutional Investors (NII).

Tentatively, Bharat Highways InvIT IPO basis of allotment of shares will be finalised on Monday, March 4 and the company will initiate refunds on Tuesday, March 5, while the shares will be credited to the demat account of allottees on the same day. Bharat Highways InvIT shares are likely to be listed on BSE and NSE on Wednesday, March 6.

The net proceeds will be utilised for general purposes and to provide loans to the Project SPVs so they may fully or partially repay their respective existing debts, including any accrued interest and prepayment penalties.

HDFC Bank Limited, Axis Capital Limited, IIFL Securities Limited, and ICICI Securities Limited are the issue's lead managers. KFin Technologies Limited is the Issue's Registrar.

The InvIT's Trustee is IDBI Trusteeship Services Limited. The investment manager, GR Highways Investment Manager Private Limited, and the sponsor, Aadharshila Infratech Private Limited, have been appointed.