Bookbuilding InvIT | ₹2,250 Cr | Listed at BSE, NSE | Wed, May 17, 2017 - Fri, May 19, 2017
IndiGrid InvIT InvIT is a book build issue of ₹2,249.96 crores. The issue is entirely a fresh issue of 22.50 crore shares of ₹2,249.96 crore.
IndiGrid InvIT InvIT bidding started from May 17, 2017 and ended on May 19, 2017. The allotment for IndiGrid InvIT InvIT was finalized on May 16, 2017. The shares got listed on BSE, NSE on Jun 6, 2017.
IndiGrid InvIT InvIT price band is set at ₹100 per share. The lot size for an application is 10,205. The minimum amount of investment required by an retail is ₹10,20,500 (10205 shares) (based on upper price). The lot size investment for sNII is 1 lots (10,205 shares), amounting to ₹10,20,500, and for bNII, it is 1 lots (10,205 shares), amounting to ₹10,20,500.
Citigroup Global Markets India Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to IndiGrid InvIT InvIT RHP for detailed Information.
IPO Open
Wed, May 17, 2017
IPO Close
Fri, May 19, 2017
Final Issue Price
₹100.00 per share
Market Cap (Pre-IPO)
₹2,702.00 Cr
| IPO Date | 17 to 19 May, 2017 |
| Listed on | Tue, Jun 6, 2017 |
| Price Band | ₹98.00 to ₹100.00 |
| Final Issue Price | ₹100.00 per share |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding InvIT |
| Listing At | BSE, NSE |
| Total Issue Size | 22,49,96,373 shares (agg. up to ₹2,250 Cr) |
| Fresh Issue | 22,49,96,373 shares (agg. up to ₹2,250 Cr) |
| Share Holding Pre Issue | 4,52,03,627 shares |
| Share Holding Post Issue | 27,02,00,000 shares |
| BSE Script Code / NSE Symbol | 540565 / INDIGRID |
| ISIN | INE219X23014 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Offer size |
| NII Shares Offered | Not less than 25% of the Offer size |
Investors can bid for a minimum of 10,205 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 10,205 | ₹10,20,500 |
| Retail (Max) | 0 | 0 | ₹0 |
| S-HNI (Min) | NaN | NaN | ₹NaN |
| S-HNI (Max) | NaN | NaN | ₹NaN |
| B-HNI (Min) | NaN | NaN | ₹NaN |
Incorporated in 2016, IndiGrid InvIT Fund is an infrastructure investment trust (“InvIT”) established to own inter-state power transmission assets in India. They are focused on providing stable and sustainable distributions to their Unitholders.
Sterlite Power Grid Ventures Ltd, sponsor of IndiGrid InvIT Fund is one of the leading independent power transmission companies operating in the private sector, with extensive experience in bidding, designing, financing, constructing and maintaining power transmission projects across India.
Company's sponsor owns 11 inter-state power transmission projects with a total network of 30 power transmission lines of approximately 7,733 ckms and nine substations having 13,890 MVA of transformation capacity. Some of these projects have been fully commissioned, while others are at different stages of development. They recently won bids for two transmission projects in Brazil,
Of the 11 inter-state power transmission projects owned by the Sponsor, they will initially acquire two projects with a total network of eight power transmission lines of 1,936 ckms and two substations having 6,000 MVA of transformation capacity across four states (the “Initial Portfolio Assets”).
| Period Ended |
|---|
| Amount in ₹ Crore |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Providing a loan to BDTCL and JTCL for repayment or pre-payment of debt (including any accrued interest and any applicable penalties) of banks, financial institutions, SGL1, SGL2 and repayment of any other long term and short term liabilities and capital expenditure creditors | 2,250.00 |
The IndiGrid InvIT Fund is subscribed 1.35 times on May 19, 2017 5:00:00 PM (Day 3). The public issue subscribed [.] times in the retail category, 1.14 times in the QIB category, and [.] times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 1.14 | 6,88,80,294 | |
| Others | 1.6 | 5,73,98,544 | |
| Total | 1.35 | 12,62,78,838 |
An InvIT is a new capital market product promoted by the Government to enable Infrastructure Developers to free up tied-up capital. InvITs are designed to attract low cost long term capital from FIIs, Insurance and Pension Funds and the DIIs (mutual funds, Banks) which will also benefit to other investors including HNI clients.
IndiGrid has been given the corporate credit rating of 'AAA'/Stable by Crisil, 'IrAAA”/Stable by ICRA and IND'AAA'/Stable by India Ratings.
Particulars | IRB InvITs | IndiGrid InvIT |
Price band | Rs. 100-102 | Rs. 98-100 |
Issur Size | Rs. 5921 cr. | Rs. 2250 cr. |
Sector | Toll Road constructions | Power Transmission |
Likely yield | 8 to 12% | 10 to 15% |
Entry Level | At a Premium | At par value |
Tenure | 16 years | 35 years |
Corporate Ratings | AAA/Stable | AAA/Stable |
Proportionate Allotment | 75% of the issue (i.e. except retail) | 75% of the issue (i.e. except retail) |
Risk Factors | Inflation, Traffic Volume, Govt. policies | Load Availability, Market trends |
Market perception | Bearing Risk as above | Considered as Safe asset class Globally |
Promoter | IRB Group | Sterlie Group |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fee and commission to advisors to this Issue | |
| 2 | Fee payable to others |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹100.00 | ₹100.00 |
| Open | ₹100.00 | ₹99.70 |
| Low | ₹94.00 | ₹93.70 |
| High | ₹100.00 | ₹99.70 |
| Last Trade | ₹98.45 | ₹98.64 |
IndiGrid InvIT InvIT is a main-board InvIT of 22,49,96,373 equity shares of the face value of ₹100 aggregating up to ₹2,250 Crores. The issue is priced at ₹100.00 per share. The minimum order quantity is 10205.
The InvIT opens on Wed, May 17, 2017, and closes on Fri, May 19, 2017.
Kfin Technologies Ltd. is the registrar for the InvIT. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in IndiGrid InvIT InvIT using UPI as a payment gateway. Zerodha customers can apply in IndiGrid InvIT InvIT by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in IndiGrid InvIT InvIT through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The IndiGrid InvIT InvIT opens on Wed, May 17, 2017 and closes on Fri, May 19, 2017.
IndiGrid InvIT InvIT lot size is 10205, and the minimum amount required for application is ₹10,20,500.
You can apply in IndiGrid InvIT InvIT online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for IndiGrid InvIT InvIT will be done on Tuesday, May 16, 2017, and the allotted shares will be credited to your demat account by . Check the IndiGrid InvIT InvIT allotment status.
The IndiGrid InvIT InvIT listing date is on Tue, Jun 6, 2017.
