Bharat Highways InvIT IPO opens today: Check dates, price band and latest GMP

Bharat Highways InvIT IPO: Bharat Highways Infrastructure Investment Trust (InvIT) has launched its initial public offering (IPO) worth Rs 2,500 crore on Wednesday, February 28. The IPO comprises of a fresh issue of 25 crore shares.

Bharat Highways InvIT will accept bids until March 1, 2024, with allotment expected to be finalised by Monday, March 4, 2024. The trust is slated to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Wednesday, March 6, 2024.

With a price band set at Rs 98 to Rs 100 per share, the minimum lot size for an application stands at 150 shares, requiring a minimum investment of Rs 15,000 for retail investors. Qualified institutional buyers (QIBs) and non-institutional investors (NIIs) have minimum lot size investments of 14 lots (2,100 shares) and 67 lots (10,050 shares) respectively.

ICICI Securities Limited, Axis Bank Limited, HDFC Bank Limited, and IIFL Securities Ltd are serving as the book running lead managers for the Bharat Highways InvIT IPO, with Kfin Technologies Limited appointed as the registrar for the issue.

The IPO reservation structure allocates 33.16 per cent to QIBs, 27.63 per cent to NIIs, and 39.21 per cent to anchor investors, with a total offer of 169,462,800 shares.

Bharat Highways Infrastructure Investment Trust, authorised under the SEBI InvIT Regulations, aims to acquire, manage, and invest in a diversified portfolio of infrastructure assets across India. The trust's current portfolio comprises seven roads operated under the Hybrid Annuity Model (HAM) in Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh.

These roads, operated and maintained based on concession rights granted by the NHAI, are owned and operated by the Project SPVs, which are wholly owned by GRIL (G R Infraprojects Limited).

Additionally, the trust has secured a provisional rating of CRISIL AAA/Stable (Reaffirmed) from CRISIL Ratings Limited, CARE AAA, Stable from CARE Ratings Limited, and IND AAA/Stable from India Ratings and AResearch.

The proceeds from the IPO will primarily be directed towards providing loans to the Project SPVs for repayment/pre-payment of their outstanding loans and general corporate purposes, reflecting the trust's commitment to prudent financial management and sustainable growth.