IRB InvIT, India's first infra trust makes debut, lists at Rs 103.25

IRB InvIT had successfully closed its IPO earlier this month, oversubscribed 8.57 times

InvIT Fund, the first infrastructure trust to list on the exchanges, made its debut on the exchanges today, at Rs 103.25 on BSE against the issue price of Rs 102.

 
The infrastructure investment trust had successfully closed its initial public offering (IPO) earlier this month, with the issue being oversubscribed 8.57 times. The institutional investors category was oversubscribed 10.81 times and other investors 5.89 times.
 
IRB Infrastructure Developers, the sponsor of the InvIT, had garnered Rs 5,035 crore through the IPO. Shares of IRB Infrastructure Developers were trading 3% down at Rs 249.20 around 10.20 am (IST) on BSE.
 
At 10:20 am, IRB InvIT was quoting at Rs 100.35 on BSE, down 2.8% with respect to its open price of Rs 103.25 and 1.6% against issue price. The scrip reached a high of Rs 105 and low of 99.65 in today's trade.
 
The issue was open to bidding between May 3 and May 5 and the offer had a price band of Rs 100-102. The fund raised nearly Rs 2,100 crore from anchor investors allotting nearly 20.53 crore units. IDFC Bank, Credit Suisse Securities and ICICI Securities were the lead managers to the offer.
 
InvITs or infrastructure investment trusts are those debt instruments that will be traded in the market and can act as investment vehicles for sponsors.