The initial public offer of PowerGrid Infrastructure Investment Trust (PowerGrid InvIT) opened for subscription on Thursday. It is the first infrastructure investment trust in the country to get a public offer. The size of this IPO is Rs 7,735 crore. Under this IPO, PowerGrid InvIT will issue new shares worth Rs 4,993.48 crore. At the same time, shares worth Rs 2,741.50 crore will be available through Offer for Sale. The company’s IPO can be subscribed till May 3. If you also want to invest in this offer, then let’s get information about the price band and other things about this IPO.
The price band of PowerGrid InvIT
The company has fixed a price band of Rs 99-100 per share for this offer. The company raised Rs 3,480.74 crore through anchor investors on Wednesday ahead of the public offer. The company allocated 34,80,74,100 shares to 47 anchor investors at the rate of Rs 100 per share. The anchor investors of this trust include SBI Mutual Fund, HDFC Mutual Fund, Tata Mutual Fund, Fidelity Funds, TATA AIA Life Insurance Company, Tata AIG General Insurance Company, SBI Life Insurance Company, UTI MF, ICICI Prudential Mutual Fund, Sundaram Mutual Fund, Includes Rainbow Investments Limited and CPP Investment Board Private Holdings.
ICICI Securities, Axis Capital, Edelweiss Financial Services, and HSBC Securities and Capital Markets (India) are the lead managers of this offer.
Shares of PowerGrid InvIT will be listed on the National Stock Exchange and BSE.
PowerGrid InvIT IPO Allotment Date
According to various brokerage companies, the allotment of this IPO may be completed by May 10, 2021. People to whom shares will be allotted under IPO. Shares will be credited to their Demat account by May 11. The company’s shares will be listed on May 17.
It is noteworthy that market regulator Sebi had notified the rules for InvITs and REITs in 2014, but only a few entities have listed themselves in the country till then.
