The issue received bids for 205.40 crore units as against 42.54 crore units on offer.
The initial public offer (IPO) of POWERGRID Infrastructure Investment Trust (PowerGrid InvIT) received bids for 2,05,40,48,700 units as against 42,54,25,000 units on offer, as per the National Stock Exchange of India (NSE) website data. The issue was subscribed 4.83 times.
The institutional investors category, comprising foreign institutional investors, domestic financial institutions, mutual funds, was subscribed 4.63 times. The other investors category, which includes corporates, individuals investors and others, was subscribed 5.07 times.
The issue opened for bidding on Thursday, 29 April 2021 and it closed on Monday, 3 May 2021. The price band of the IPO was fixed at Rs 99-100.
NEW DELHI: The initial public offering (IPO) of infrastructure investment trust (InvIT), sponsored by the Power Grid Corporation of India, sailed through on the third day of the bidding process on Monday. The issue was subscribed 1.51 times by 12:30 pm.
The issue received bids for 64,31,18,300 units against 42,54,25,000 units on offer for subscription. Quota for HNIs was subscribed 2 times and for QIBs 1 time. The issue had been subscribed only 61 per cent till the end of Day 2.
Most analysts believe investors should subscribe to the issue as it offers prospects of lucrative and consistent yields. The issue is a good option for investors looking for a 9-12 per cent yield arising from stable cash flow, they said. The management says the InvIT is likely to give distributable cash flow at an average of Rs 1,150 crore over the next three years, which implies a 11 per cent cash flow yield, according to analysts. .
The issue received bids for 205.40 crore units as against 42.54 crore units on offer.
The initial public offer (IPO) of POWERGRID Infrastructure Investment Trust (PowerGrid InvIT) received bids for 2,05,40,48,700 units today, 3 May 2021, as against 42,54,25,000 units on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue was subscribed 4.83 times.
The issue opened for bidding on Thursday, 29 April 2021 and it will close today, 3 May 2021. The price band of the IPO was fixed at Rs 99-100.
The IPO of units in PowerGrid InvIT consisted of a fresh issue of units aggregating upto Rs 4993.48 crore and an offer for sale of units aggregating upto Rs 2741.50 crore by Power Grid Corporation of India.
Markets have a mind of their own and they show what they can do. Last week they rose on four of the five trading sessions and the benchmark indices touched around the highs made in the middle of March. From there on they fell and corrected .
Power Grid Corporation of India, grew gradually on the second day of the bidding process on Friday. The issue was subscribed 59 per cent.
By 5:00 pm on Friday, the issue received bids for 25,17,42,700 units out of the 42,54,25,000 units on offer for subscription.
The InvIT has been touted as a good long-term option for investors looking for assured 10-12 per cent returns as analysts expect the InvIT to comfortably generate that much yield annually.
The infrastructure trust is a first of its kind offering by a state-owned entity in India and is priced at Rs. 99-100 per unit. Power Grid InvIT is looking to raise Rs 7,735 crore through the issue which includes a fresh issue as well as an offer for sale from the sponsor.