Bharat Highways InvIT make a flat D-St debut; lists at 1% premium

Shares (Units) of Bharat Highways Infrastructure Investment Trust (InvIT) made a flat at Dalal Street on Tuesday as the Infra investment trust was listed at Rs 101.10, a mild premium of 1.1 per cent, over its issue price of Rs 100 apiece on the NSE. Similarly, it kicked-off its maiden trading session at BSE with a premium of only one per cent at Rs 101 over the issue price.

Ahead of its listing, units of Bharat Highway InvIT were commanding no premium in the grey market, signaling disappointment for investors at debut. The stock was exchanging hands at par in the grey market since the closure of the issue as the InvIT headed for a T+6 listing. However, it saw a strong premium of Rs 90 over when the issue was open for subscription.

Bharat Highways InvIT IPO ran between February 28 and March 1. The issue was being offered in the range of Rs 98-100 per share with a lot size of 150 units. It raised a total of Rs 2,500 crore through its primary offering, which was entirely a fresh share sale of up to 25,00,00,000 units.

The issue of Bharat Highway InvIT was overall subscribed 6.75 times. The quota for qualified institutional bidders (QIBs) was subscribed 6.6 times while the portion reserved for non-institutional investors (NIIs) was subscribed 6.93 times during the three-day bidding process.

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.
 

ICICI Securities, HDFC Bank, Axis Bank and IIFL Securities are the book running lead managers of the Bharat Highways InvIT IPO, while Kfin Technologies is the registrar for the issue.

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