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Sterlite Power’s InvIT India Grid Trust, PSP Project IPOs sail through

LiveMint logoLiveMint 19-05-2017 Swaraj Singh Dhanjal

Mumbai: India Grid Trust, an infrastructure investment trust (InvIT) sponsored by Sterlite Power Grid Ventures Ltd, on Thursday saw its initial public offering (IPO) subscribed 1.35 times.

InvITs are trusts that manage income-generating infrastructure assets, offering investors regular yields and a liquid way to invest in infrastructure projects.

According to data from stock exchanges, the portion of the share sale reserved for institutional investors was subscribed 1.14 times, while that for non-institutional and high net-worth individuals (HNIs) was subscribed 1.59 times.

The offering, which opened for subscription on 17 May, saw Sterlite price the units of the trust at Rs98-100 apiece. It will raise Rs2,250 crore through the IPO.

On 16 May, India Grid Trust raised Rs1,012.4 crore as part of its anchor book allocation. The anchor book saw participation from foreign institutional investors such as Deutsche Global Infrastructure Fund, Future Fund Board of Guardians managed by Rreef America LLC, Driehaus Emerging Markets Small Cap Growth Fund and Jupiter South Asia Investment Co. Ltd.

Domestic investors which subscribed to the book included Edelweiss Tokio Life Insurance Co. Ltd, Reliance Nippon Life Insurance Co. Ltd and Reliance General Insurance Co. Ltd.

Units of the trust were allotted to a total of 19 institutional investors at Rs100 per unit.

Morgan Stanley India Co. Pvt. Ltd, Citigroup Global Markets India Pvt. Ltd and Edelweiss Financial Services Ltd are the lead managers of the India Grid IPO.

Also on Friday, the initial public offering of Ahmedabad-based construction company PSP Projects Ltd was subscribed 8.58 times on the last day of the offering.

As of 7pm, shares set aside for institutional investors were subscribed 8.38 times, while the portions reserved for high net-worth individuals and retail investors were subscribed 10.39 times and 6.47 times, respectively.

PSP Projects had fixed a price band of Rs205-210 per share. The company will raise Rs211.6 crore at the upper end of the price band.

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