IRB InvIT Fund lists with over 1% premium

Xavier Trudeau
Mai 19, 2017

It has a price band of Rs 98-100 per unit. The IPO of IRB InvIT Fund was oversubscribed 8.57 times earlier this month. The segment reserved for institutional category saw 10.8 times subscription, while the segment reserved for non-institutional investors was over-subscribed 4.9 times.

InvITs or infrastructure investment trusts are those debt instruments that will be traded in the market and can act as investment vehicles for sponsors. Shares of IRB Infrastructure Developers were trading 2.34 per cent down at Rs 250.95 around 9.50 am (IST) on BSE. Ltd., on behalf of the trust intends to utilize Rs. 4,200 crore out of the issue proceeds to repay/prepay loans of the project Special Purpose Vehicles (SPVs), which now stands at almost Rs 5,000 crore.

IDFC Bank, Credit Suisse Securities and ICICI Securities were the lead managers to the offer.

IRB Infra Investment Trust shares fell in its trading debut on Thursday. The IRB Infrastructure Investment Trust (IRB InvIT) intends to own, operate and maintain a portfolio of six toll-road assets in the states of Maharashtra, Gujarat, Rajasthan, Karnataka and Tamil Nadu.

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