Bharat Highways InvIT made a subdued entry into the stock exchanges, with its units listing at ₹101 each on the BSE, representing a marginal 1% premium over the issue price of ₹100 per unit. The NSE saw a listing price of ₹101.1 per unit, marking a 1.1% premium to the IPO price.
Functioning as an infrastructure investment trust, Bharat Highways InvIT specializes in acquiring, managing, and investing in a diverse portfolio of infrastructure assets. Its current portfolio includes seven roads, all operated under the Hybrid Annuity Model (HAM) in states such as Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh.
The IPO of Bharat Highways InvIT opened for public subscription on February 28 and concluded on March 1. With a total worth of ₹2,500 crore, the IPO comprised exclusively of a fresh issue of 25 crore shares, and the price band was set between ₹98 and ₹100 per share. The IPO share allotment was finalized on March 6, and the listing date was scheduled for March 12.
During its subscription period, Bharat Highways InvIT garnered significant investor interest, with an overall subscription rate of 8.01 times. The issue received bids for 82.53 crore units against the available 10.30 crore units. The Institutional Investors’ category was oversubscribed 8.92 times, while the Other Investors’ category saw an oversubscription of 6.93 times.
ICICI Securities, Axis Bank, HDFC Bank, and IIFL Securities served as the book-running lead managers for the Bharat Highways InvIT IPO, and Kfin Technologies acted as the IPO registrar. The positive response from investors reflects the perceived value of Bharat Highways InvIT in the market, affirming its potential as an investment avenue in the infrastructure sector.
