On Wednesday, February 28, 2024, Bharat Highways InvIT, an infrastructure investment trust, is scheduled to launch its Initial Public Offering (IPO). The IPO's pricing range is set at between Rs 98 and Rs 100 per share. With this sale, Bharat Highways hopes to collect up to Rs 2,500 crore in total cash.
The initial public offering (IPO) will open for participation on February 28, 2024, and the bidding window will close on Friday, March 1, 2024. The shares will be listed on the National Stock market of India Limited (NSE), which is the designated stock market, as well as the BSE Limited (BSE).
Aadharshila Infratech Private Limited is the sponsor, while GR Highways Investment Manager Private Limited is in charge of management. All bidders, with the exception of Anchor Investors, may place a minimum bid of 150 units and subsequent multiples of 150 units. For these bidders, the minimum bid amount is Rs 14,700.
Seven road assets operating on a Hybrid Annuity Model (HAM) basis across many Indian states, including Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh, make up Bharat Highways InvIT's inaugural portfolio.
Approximately 497.292 kilometers of built and used roadways are covered by these assets. Furthermore, G R Infraprojects Limited (GRIL) and InvIT have reached a Right of First Offer (ROFO) agreement that gives InvIT the first choice to purchase certain road assets from GRIL.
The Project Special Purpose Vehicles (SPVs) will receive loans from the net proceeds of the initial public offering (IPO) for the principal purpose of repaying or prepaying existing debts, as well as for general company objectives.
Bharat Highways InvIT has obtained robust credit ratings, signifying a high level of creditworthiness, such as 'Provisional CARE AAA; Stable' from CARE Ratings Limited and 'Provisional CRISIL AAA/Stable (Reaffirmed)' from Crisil Ratings Limited. Additionally, India Ratings and Research have given their planned rupee term loan a "Provisional IND AAA/Stable" grade.
ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited, and IIFL Securities Limited are the lead managers for the initial public offering (IPO), while KFin Technologies Limited will act as the registrar. The InvIT's trustee has been named as IDBI Trusteeship Services Limited.
Through this IPO, Bharat Highways InvIT hopes to take advantage of the expanding infrastructure market in India and provide investors with a chance to both contribute to and maybe profit from the nation's road infrastructure development.
