Bookbuilding InvIT | ₹5,033 Cr | Listed at BSE, NSE | Wed, May 3, 2017 - Fri, May 5, 2017
IRB InvIT Fund InvIT is a book build issue of ₹5,032.88 crores. The issue is a combination of fresh issue of 46.52 crore shares aggregating to ₹4,745.14 crores and offer for sale of 2.82 crore shares aggregating to ₹287.75 crores.
IRB InvIT Fund InvIT bidding started from May 3, 2017 and ended on May 5, 2017. The shares got listed on BSE, NSE on May 18, 2017.
IRB InvIT Fund InvIT price band is set at ₹102 per share. The lot size for an application is 10,000. The minimum amount of investment required by an retail is ₹10,20,000 (10000 shares) (based on upper price). The lot size investment for sNII is 1 lots (10,000 shares), amounting to ₹10,20,000, and for bNII, it is 1 lots (10,000 shares), amounting to ₹10,20,000.
Credit Suisse Securities (India) Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to IRB InvIT Fund InvIT RHP for detailed Information.
IPO Open
Wed, May 3, 2017
IPO Close
Fri, May 5, 2017
Final Issue Price
₹102.00 per share
Market Cap (Pre-IPO)
₹5,921.10 Cr
| IPO Date | 3 to 5 May, 2017 |
| Listed on | Thu, May 18, 2017 |
| Price Band | ₹100.00 to ₹102.00 |
| Final Issue Price | ₹102.00 per share |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding InvIT |
| Listing At | BSE, NSE |
| Total Issue Size | 49,34,20,000 shares (agg. up to ₹5,033 Cr) |
| Fresh Issue | 46,52,09,336 shares (agg. up to ₹4,745 Cr) |
| Offer for Sale | 2,82,10,664 shares of ₹102 (agg. up to ₹288 Cr) |
| Share Holding Pre Issue | 11,52,90,664 shares |
| Share Holding Post Issue | 58,05,00,000 shares |
| BSE Script Code / NSE Symbol | 540526 / IRBINVIT |
| ISIN | INE183W23014 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | not more than 75% of the Issue |
| NII Shares Offered | not less than 25% of the Issue |
Investors can bid for a minimum of 10,000 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 10,000 | ₹10,20,000 |
| Retail (Max) | 0 | 0 | ₹0 |
| S-HNI (Min) | NaN | NaN | ₹NaN |
| S-HNI (Max) | NaN | NaN | ₹NaN |
| B-HNI (Min) | NaN | NaN | ₹NaN |
IRB InvIT Fund is a registered infrastructure investment trust under the InvIT Regulations. They primarily intend to own, operate and maintain a portfolio of six toll - road assets in the Indian states of Maharashtra, Gujarat, Rajasthan, Karnataka and Tamil Nadu. These toll roads are operated and maintained pursuant to concessions granted by the NHAI.
IRB InvIT Fund, which is sponsored by road developer IRB Infrastructure Developers Limited, one of the largest infrastructure development and construction companies in India in terms of net worth in the roads and highways sector according to the NHAI's annual prequalification for public private partnerships in national highway projects report for 2015.
These toll roads projects are Bharuch–Surat NH 8, Jaipur–Deoli NH 12, Surat–Dahisar NH 8, Tumkur–Chitradurga NH 4, Omalur–Salem–Namakkal NH 7 and Talegaon–Amravati NH 6. While Surat-Dahisar and Bharuch-Surat project has concession period tenure till January 2022 and Omalur-Salem-Namakkal till August 2026, other projects have concession tenures ending in June 2037. Sponsor has 22 BOT road projects on hand as on 31st December 2016 out of which 14 are operational, 5 are under construction and 3 are under development. Futures of all these projects are based on the daily traffic volumes, inflation and regulatory changes. Trust will follow factoring of WPI in the pricing of the projects.
Trust will have key investment conditions as under:
1. Invest at least 80% of the value of the assets in completed and revenue generating infrastructure assets
2. Balance 20% can be invested in under-construction infrastructure projects and securities of infrastructure companies in India (cannot invest in units of other InvITs)
3. InvIT should hold (directly or through SPVs) the infrastructure assets for at least 3 years from the date of purchase of the asset by the InvIT (except investment in securities of infrastructure companies)
4. Investment into SPVs is subject to the InvIT holding a controlling interest (at least 51% of equity share capital) in the SPVs
On dividend policy, investors are likely to get rewards based on
1. At least 90% of distributable cash flow of the SPV shall be distributed to the InvIT in proportion to its holding in the SPV
2. At least 90% of distributable cash flow of the InvIT shall be distributed to the unit holders
3. Dividend declared to be paid within 15 days; distributions to the unit holders to be made on a half yearly basis (however, management has intention to distribute dividends on quarterly basis as informed during road show. Such dividends will be totally tax free in the hands of the Unit holders.)
| 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 | Investment in the Project SPVs by way of an issue of debt | 4,200.00 |
| 2 | General purposes | 0.14 |
The IRB InvIT Fund IPO is subscribed 8.57 times on May 5, 2017 5:00:00 PM (Day 3). The public issue subscribed [.] times in the retail category, 10.81 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 | 10.81 | 13,69,07,797 | 1,47,94,50,000 |
| Others | 5.89 | 13,69,07,797 | 67,19,95,000 |
| Total | 8.57 | 25,09,90,397 | 2,15,14,45,000 |
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.
The Trust has been assigned a rating of CARE AAA(Is) stable by CARE ratings indicating an opinion on the general creditworthiness of the trust and has not rated the Units of the Trust. India Ratings has assigned IND AAA Outlook Stable to Trust’s external senior debt reflecting combined credit quality of the underlying assets and has not rated the Units.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Expenses in relation to the Formation Transactions (including stamp duty and registration) | 0.40 |
| 2 | Payment to the GCBRLMs and the BRLM (including underwriting commission, brokerage and selling commission) | 868.17 |
| 3 | Processing fee for SCSBs | 0.67 |
| 4 | Fees payable to the Registrar to the Issue | 0.10 |
| 5 | Fees payable to other advisors to the Issue | 114.00 |
| 6 | Fees payable to the Valuers | 1.15 |
| 7 | Fees payable to the Traffic Consultant | 1.15 |
| 8 | Fees payable to the Banker(s) to the Issue | |
| 9 | Fees payable to the Auditors | 1.70 |
| 10 | Listing fees, SEBI, BSE and NSE Processing Fees | 9.20 |
| 11 | Printing and stationery | 0.77 |
| 12 | Advertising and marketing expenses | 1.00 |
| 13 | Miscellaneous | 0.30 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹102.00 | ₹102.00 |
| Open | ₹103.25 | ₹102.00 |
| Low | ₹99.65 | ₹99.75 |
| High | ₹105.00 | ₹105.00 |
| Last Trade | ₹101.79 | ₹101.80 |
IRB InvIT Fund InvIT is a main-board InvIT of 49,34,20,000 equity shares of the face value of ₹102 aggregating up to ₹5,033 Crores. The issue is priced at ₹102.00 per share. The minimum order quantity is 10000.
The InvIT opens on Wed, May 3, 2017, and closes on Fri, May 5, 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 IRB InvIT Fund InvIT using UPI as a payment gateway. Zerodha customers can apply in IRB InvIT Fund InvIT by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in IRB InvIT Fund InvIT through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The IRB InvIT Fund InvIT opens on Wed, May 3, 2017 and closes on Fri, May 5, 2017.
IRB InvIT Fund InvIT lot size is 10000, and the minimum amount required for application is ₹10,20,000.
You can apply in IRB InvIT Fund 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 IRB InvIT Fund InvIT will be done on [.], and the allotted shares will be credited to your demat account by . Check the IRB InvIT Fund InvIT allotment status.
The IRB InvIT Fund InvIT listing date is on Thu, May 18, 2017.
