Bharat Highways InvIT IPO ends with decent subscription

Published on Mar 04, 2024 17:48

The initial public offer (IPO) of Bharat Highways InvIT received bids for 50,42,75,100 units as against 10,30,12,800 units on offer, as per the Bombay Stock Exchange (BSE) website data. The issue was subscribed 4.89 times.

The institutional investors category, comprising foreign institutional investors, domestic financial institutions, mutual funds, was subscribed 6.59 times. The other investors category, which includes corporates, individuals investors and others, was subscribed 2.86 times.

The issue opened for bidding on Wednesday, 28 February 2024 and it closed on Friday, 1 March 2024. The price band of the IPO was fixed at Rs 98-100.

Ahead of its IPO, Bharat Highways InvIT on 27 February 2024 raised Rs 825 crore by allocating 8,25,97,350 units to anchor investors at Rs 100 per unit, the upper end of the IPO price band.

The proceeds from the fresh issue will be utilised for providing loans to the project SPVs for repayment/ pre-payment, in part or in full, of their respective outstanding loans (including any accrued interest and prepayment penalty) and general corporate purpose.

Bharat Highways InvIT 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.