PowerGrid Infrastructure Investment Trust (PowerGrid InvIT)’s initial public offering (IPO) has been subscribed 59 per cent at the end of second day of bidding i.e. Friday. The issue has received bids for 25,17,42,700 units out of the 42,54,25,000 units on offer. The shares are priced at Rs 99-100 per unit and the company is looking at raising Rs 7,735 crore.
The IPO consists of a fresh issue of Rs 4,994 crore and an offer for sale amounting to Rs 2,741.50 crore. Ahead of the IPO, PowerGrid InvIT raised Rs 3,480 crore from anchor investors. The IPO proceeds will be utilised for providing loans to initial portfolio assets, repayment or pre-payment of debt and for general purposes.
This is the first ever infrastructure investment trust offering by a state-owned company in the country and will be the third InvIT to be listed on Dalal Street.
PowerGrid Corporation of India is the owner of PowerGrid InvIT.