The initial share sale of PowerGrid InvIT failed to garner investor interest on the first day of its offering.
The Rs 7,735-crore issue was subscribed 0.10 times as of 5 p.m. on April 29, according to data available on exchanges. The IPO will close on May 3.
Subscription Details:
QIB: 0.03 times
Non-institutional investors: 0.19 times
The InvIT IPO, the first by a state-run firm, comprises a fresh issue of up to Rs 4,993.5 crore and existing investors offering units worth up to Rs 2,741.5 crore. The company is selling shares at Rs 483-486 apiece.
The initial share sale is being made through the book-building process, up to three-fourths of which will be allotted to institutional investors. Of this, 60% is reserved for anchor investors. Not less than 25% of the offer shall be allotted on a proportionate basis to non-institutional investors, subject to valid bids being received at or above the offer price.
The proceeds of the fresh issue will be loaned to initial portfolio assets for repayment or pre-payment of debt, including any accrued interest.
ICICI Securities, Axis Capital, Edelweiss Financial Services and HSBC Securities and Capital Markets are the book running lead managers to the IPO.
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