PowerGrid InvIT raised Rs 3,480 crore by issuing 34,80,74,100 units to marquee anchor investors on April 28.
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The public offer of PowerGrid Infrastructure Investment Trust got a good response and had been subscribed 3.65 times by the morning of May 3, the final day of bidding.
The public issue has received bids for 155 crore units against an offer size of 42.54 crore units, data available on exchanges shows.
The offer size has already been reduced due to the anchor book that helped the company raise Rs 3,480 crore against issuance of 34,80,74,100 units to marquee anchor investors on April 28, which instills confidence in the issue, said Ajcon Global.
Also read our in-house research team’s take on the PowerGrid InvIT IPO
The portion set aside for qualified institutional buyers has seen a subscription of 3.23 times, while the reserved portion of non-institutional investors has subscribed 4.1 times.
The public issue, which comprises a fresh issue of Rs 4,993.48 crore and an offer for sale of Rs 2,741.51 crore, opened for subscription on April 29.
The company will utilise fresh issue funds for providing loans to the Initial Portfolio Assets for repaying of debt, and for general corporate purposes.
Investors can bid for a minimum of 1,100 units and in multiples of 1,100 units thereafter. The price band for the offer has been fixed at Rs 99-100 a unit.
PowerGrid InvIT IPO: Here are 10 key things to know before subscribing the offer
“At the upper end of the price band of Rs 100, the company’s IPO is valued at 3.5x of book value. The yield one can expect is around 9 percent post listing. PowerGrid InvIT’s immediate peer Indigrid InvIT has rallied to Rs 128 from its issue price of Rs 100,” said Ajcon Global which recommended to subscribe the issue.
“Strong lineage and support from the Sponsor and Project Manager; good operating performance of Initial Power Assets (IPAs); consistent and stable cash flows from assets with long-term visibility and low counter-party risks; transmission charges are fixed for a period of 35 years; government backing for PowerGrid InvIT; good operating performance; and annuity like income for unitholders are key reasons for subscribing the issue,” said the brokerage.
The PowerGrid InvIT was formed in September 2020 by the sponsor, Power Grid Corporation of India, as an irrevocable trust. The investment objectives of the trust is to carry on the activities of and to make investments as an infrastructure investment trust.
Of the sponsor tariff-based competitive bidding (TBCB) projects, PowerGrid InvIT proposes to acquire five projects initially with a total network of 11 power transmission lines of approximately 3,698.59 ckm and three substations having 6,630 MVA of aggregate transformation capacity, as of December 2020, across five states in India, which is an Initial Portfolio Assets of the InvIT.
The Trust will own 74 percent of the shareholding in each of the 5 TBCB projects, and the remaining 26 percent stake will be acquired through debt (from Power Grid) after the lock in period that ends by 2024.
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