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India Grid Trust IPO subscribed 16% on Day 2

LiveMint logoLiveMint 18-05-2017 PTI

New Delhi: The initial public offering (IPO) of India Grid Trust to raise Rs 2,250 crore was subscribed 16% on the second day of the offer on Thursday.

The initial share-sale offer received bids for 2,06,16,120 shares, compared to the total issue size of 12,62,78,838 shares, NSE data showed.

The quota reserved for institutional investors was subscribed 8% and other investors 26%. The InvIT, sponsored by Sterlite Power Grid Ventures Ltd, on Tuesday raised over Rs 1,012 crore from anchor investors.

India Grid Trust, or IndiGrid, plans to raise Rs2,250 crore through its initial share-sale offer, which will close on Friday. It has a price band of Rs98-100 per unit.

This is the second IPO by an InvIT after IRB InvIT Fund. The IPO of IRB InvIT Fund was oversubscribed 8.57 times earlier this month.

InvITs are debt instruments that are traded in the market and can act as investment vehicles for sponsors. The listing of instruments enables promoters of infrastructure to monetise completed assets and raise funds for other long-term projects.

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

Morgan Stanley India, Citigroup Global Markets India and Edelweiss Financial Services are the lead managers to the issue. The units of IndiGrid will be listed on BSE and NSE.

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