Bharat Highways Infrastructure Investment Trust (InvIT) made a subdued debut on Dalal Street on Tuesday, March 12, 2024, with its shares listing at Rs 101.10 on the NSE, just a marginal premium of 1.1 percent over its issue price of Rs 100 each. A similar modest premium was observed on the BSE, with the shares debuting at Rs 101, representing a one percent premium over the issue price.
The grey market premium (GMP) for Bharat Highway InvIT was reported to be zero, indicating a sense of disappointment among investors. While the stock was trading at par in the grey market since the closure of the issue as the InvIT prepared for a T+6 listing, during the subscription period, it saw a premium of Rs 90.
The IPO of Bharat Highways InvIT was open for subscription from February 28 to March 1, with a price range of Rs 98-100 per share and a lot size of 150 units. The primary offering raised a total of Rs 2,500 crore, entirely from a fresh share sale of up to 25 crore units.
During the three-day bidding process, the issue of Bharat Highway InvIT was oversubscribed 6.75 times, with Qualified Institutional Bidders (QIBs) subscribing 6.6 times and Non-Institutional Investors (NIIs) subscribing 6.93 times.
Bharat Highways Infrastructure Investment is focused on acquiring, managing, and investing in a portfolio of infrastructure assets in India, operating under the Sebi InvIT Regulations.
The book-running lead managers for the Bharat Highways InvIT IPO were ICICI Securities, HDFC Bank, Axis Bank, and IIFL Securities, with Kfin Technologies serving as the registrar for the issue.
