Signals, Powered By EquityPandit
PowerGrid Infrastructure Investment Trust has fixed the price band of its initial public offering at Rs 99- Rs 100 per share. The company’s IPO will open on 29 April and close 3 May. The anchor investor portion will open for bidding on 28 April, the company said. This will be the first time a state-owned entity is monetizing its infrastructure assets through the InvIT route. This will also be only the third InvIT to be listed in the Indian markets, after IRB InvIT and India Grid Trust both of which went public in 2017.
In January, reported by mint that the IPO will see the InvIT raise up to Rs 4,995 crore by selling new units of the trust, while its sponsor Power Grid also plans to sell units worth up to Rs 3,000 crore through the IPO, taking the total size of the share sale to almost Rs 8,000 crore.
The InvIT will initially comprise 11 power transmission lines currently owned and operated by Power Grid. This will also be the first time a state-owned entity is monetizing its infrastructure assets through the InvIT route. This will also be only the third InvIT to be listed in the Indian markets, after IRB InvIT and India Grid Trust both of which went public in 2017.
ICICI Securities, Axis Capital, Edelweiss Financial Services, and HSBC Securities and Capital Markets India are the lead managers to the issue. Power Grid is not the only state-owned entity that plans to raise funds through the InvIT route.
Stock Covered in the News
PowerGrid Infrastructure Investment Trust – View Detailed Analysis
