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Bharat Highways InvIT Limited IPO
Bharat Highways InvITs is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India and to carry on the activities of¬ an infrastructure investment trust, as permissible under the SEBI InvIT Regulations. It is settled by way of the Original Trust Deed, by GRIL (the Settlor) and registered as an infrastructure investment trust with SEBI on August 3, 2022 pursuant to the SEBI InvIT Regulations. The Sponsor is engaged in testing services in the field of transportation engineering and has expertise in NSV survey, FWD survey, pavement design of roads and airports, physical and chemical testing of soil, lime, cement, road roughness testing, concrete and bituminous mix design of road projects.
Bharat Highways InvIT is a book-built issue of Rs 2,500.00 crores. The issue is entirely a fresh issue of 25 crore shares. Bharat Highways InvIT price band is set at ₹98 to ₹100 per share. The minimum lot size for an application is 150 Shares. ICICI Securities Limited, Axis Bank Limited, Hdfc Bank Limited and Iifl Securities Ltd are the book running lead managers of the Bharat Highways InvIT, while Kfin Technologies Limited is the registrar for the issue.
Bharat Highways InvIT IPO Overview
| Detail | Description |
|---|---|
| IPO Date | February 28, 2024 to March 1, 2024 |
| Listing Date | March 12, 2024 |
| Face Value | ₹ per share |
| Price Band | ₹98 to ₹100 per share |
| Lot Size | 150 Shares |
| Total Issue Size | 250,000,000 shares (aggregating up to ₹2,500.00 Cr) |
| Fresh Issue | 250,000,000 shares (aggregating up to ₹2,500.00 Cr) |
| Issue Type | Book Built Issue InvIT |
| Listing At | BSE, NSE |
Bharat Highways InvIT IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| IPO Open Date | Wednesday, February 28, 2024 |
| IPO Close Date | Friday, March 1, 2024 |
| Basis of Allotment | Wednesday, March 6, 2024 |
| Initiation of Refunds | Thursday, March 7, 2024 |
| Credit of Shares to Demat | Thursday, March 7, 2024 |
| Listing Date | Tuesday, March 12, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on March 1, 2024 |
Bharat Highways InvIT IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 150 | ₹15,000 |
| Retail (Max) | 13 | 1950 | ₹195,000 |
| S-HNI (Min) | 14 | 2,100 | ₹210,000 |
| S-HNI (Max) | 66 | 9,900 | ₹990,000 |
| B-HNI (Min) | 67 | 10,050 | ₹1,005,000 |
Bharat Highways InvIT IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 82,597,350 (44.50%) | NA | QIB Shares Offered | 56,188,800 (30.27%) | NA |
| Other Shares Offered | 46,824,000 (25.23%) | NA |
| Total Shares Offered | 185,610,150 (100%) |
Bharat Highways InvIT IPO Anchor Investors Details
| Bid Date | February 27, 2024 |
| Shares Offered | 82,597,350 |
| Anchor Portion Size (In Cr.) | 825.97 |
| Anchor lock-in period end date for 50% shares (30 Days) | April 5, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | June 4, 2024 |
Company & Financials
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 Company's portfolio consists of seven roads, all of which are operated on a HAM basis in Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh. These roads are operated and maintained based on concession rights granted by the NHAI and are owned and operated by the Project SPVs, which are currently wholly owned by GRIL. InvIT has also entered into a ROFO agreement with GRIL under which GRIL has granted InvIT a right of first refusal over certain other assets owned and being developed by GRIL. The Trust has been assigned a provisional rating of CRISIL AAA/Stable (Reaffirmed) from Crisil Ratings Limited, a provisional rating of CARE AAA, Stable from CARE Ratings Limite and a provisional rating of IND AAA/Stable from India Ratings and Research.
Bharat Highways Infrastructure Investment Trust Limited Financial Information
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | ||||||||||||||||||||||||||||||||||||
| Assets | 5,916.80 | 6,056.28 | 5,536.40 | 4,943.95 | ||||||||||||||||||||||||||||||||||||
| Revenue | 388.54 | 1,537.47 | 1,600.18 | 2,170.39 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 101.35 | 527.05 | 62.87 | 149.45 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Objectives of Bharat Highways InvIT IPO
The Net Proceeds will be utilized by the InvIT towards the following objectives:
- 1. Providing loans to the Project SPVs for repayment/ prepayment, in part or in full, of their respective outstanding loans (including any accrued interest and prepayment penalty).
- 2. General purposes.
Bharat Highways InvIT IPO Review
The company is having seven highway projects under its current seven SPVs and is doing operations primarily on HAM projects. Since no track records of such InvITs are available and the treaty is not fully understood by the markets, well-informed/cash surplus investors may apply for the medium to long term rewards.
FAQs for Bharat Highways InvIT IPO
-
What Is The Size Of The Bharat Highways Invit IPO?
Bharat Highways Invit IPO consists of a fresh issue of 2,500 crore shares. The company seeks funds for SPVs’ loan repayments and general expenses.
-
What Is The Price Band Of The Bharat Highways Invit IPO?
The price band of the shares issued by the company is INR 98-100 per share.
-
When will Bharat Highways InvIT's IPO be allotted?
The Bharat Highways InvIT’s shares will be allotted on March 5, 2024.
-
When will Bharat Highways InvIT's IPO open for subscription?
The IPO subscription window for Bharat Highways InvIT will open on February 28, 2024.
-
What minimum lot size can retail investors subscribe to?
Retail investors can apply for at least one lot, which is a size of 150 shares.
-
When will Bharat Highways InvIT list on exchanges?
Bharat Highways InvIT will be listed on BSE and NSE. The stock will be listed on March 6, 2024.
Bharat Highways InvIT IPO Subscription Status
Category
Subscription (times)
QIB
6.59
Others
6.93
Total
6.74
RHP:
RHP of Bharat Highways InvIT Limited IPO
Anchor Investor Link:
Anchor Investor Link of Bharat Highways InvIT Limited IPO
-
What Is The Size Of The Bharat Highways Invit IPO?
Bharat Highways Invit IPO consists of a fresh issue of 2,500 crore shares. The company seeks funds for SPVs’ loan repayments and general expenses.
-
What Is The Price Band Of The Bharat Highways Invit IPO?
The price band of the shares issued by the company is INR 98-100 per share.
-
When will Bharat Highways InvIT's IPO be allotted?
The Bharat Highways InvIT’s shares will be allotted on March 5, 2024.
-
When will Bharat Highways InvIT's IPO open for subscription?
The IPO subscription window for Bharat Highways InvIT will open on February 28, 2024.
-
What minimum lot size can retail investors subscribe to?
Retail investors can apply for at least one lot, which is a size of 150 shares.
-
When will Bharat Highways InvIT list on exchanges?
Bharat Highways InvIT will be listed on BSE and NSE. The stock will be listed on March 6, 2024.
Bharat Highways InvIT IPO Subscription Status
| Category | Subscription (times) |
|---|---|
| QIB | 6.59 |
| Others | 6.93 |
| Total | 6.74 |
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