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PowerGrid InvIT IPO ends with strong subscription

Published on May 04, 2021 10:15

The initial public offer (IPO) of POWERGRID Infrastructure Investment Trust (PowerGrid InvIT) received bids for 2,05,40,48,700 units as against 42,54,25,000 units on offer, as per the National Stock Exchange of India (NSE) website data. The issue was subscribed 4.83 times.

The institutional investors category, comprising foreign institutional investors, domestic financial institutions, mutual funds, was subscribed 4.63 times. The other investors category, which includes corporates, individuals investors and others, was subscribed 5.07 times.

The issue opened for bidding on Thursday, 29 April 2021 and it closed on Monday, 3 May 2021. The price band of the IPO was fixed at Rs 99-100.

The IPO of units in PowerGrid InvIT consisted of a fresh issue of units aggregating upto Rs 4993.48 crore and an offer for sale of units aggregating upto Rs 2741.50 crore by Power Grid Corporation of India.

Ahead of its IPO, PowerGrid InvIT on 28 April 2021 raised Rs 3,480.74 crore by allocating 34,80,74,100 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 initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, availed by the initial portfolio assets; and general purposes.

PowerGrid InvIT is owned by state-owned PowerGrid Corporation of India. This will be the first Infrastructure Investment Trust (InvIT) in the country to be floated by a public sector company.

PowerGrid InvIT has been set-up to own, construct, operate, maintain and invest as an infrastructure investment trust as permissible in terms of the InvIT Regulations, including in power transmission assets in India.

The trust`s initial portfolio will have five assets - PVTL (PowerGrid Vizag Transmission), PKATL (PowerGrid Kala Amb Transmission), PPTL (PowerGrid Parli Transmission), PWTL (PowerGrid Warora Transmission) and PJTL (PowerGrid Jabalpur Transmission).

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