Non-institutional investors and qualified institutional buyers piled into the Rs 7,735-crore initial public offering of PowerGrid InvIT on its final day, deriving optimism from the success of recent share sales.
The infrastructure investment trust's initial share sale, the first by a state-run firm, was subscribed 4.83 times as of 5 p.m. on May 3, according to exchange data.
Subscription Details:
- QIBs: 4.63 times.
- NIIs: 5.07 times.
The InvIT's issue, in which shares were sold at Rs 99-100 apiece, received bids for shares worth Rs 37,360-crore against an offer of shares worth Rs 7,735-crore. The company has replaced Craftsman Automation at 14th spot on the 2021 IPO list.
The issue comprised a fresh issue of up to Rs 4,993.5 crore and existing investors offering units worth up to Rs 2,741.5 crore.
PowerGrid InvIT plans to utilise IPO proceeds for repayment or pre-payment of debt, including any accrued interest.
ICICI Securities, Axis Capital, Edelweiss Financial Services and HSBC Securities and Capital Markets were the book running lead managers to the IPO.
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