IRB InvIT Fund IPO

IRB InvIT Fund IPO

 

IRB InvIT Fund IPOIRB InvIT Fund is a registered infrastructure investment trust under the InvIT Regulations. The fund primarily intend to own, operate and maintain a portfolio of six toll-road assets in the Indian states of Maharashtra, Gujarat, Rajasthan, Karnataka and Tamil Nadu. These toll roads are operated and maintained pursuant to concessions granted by the NHAI.

The fund’s sponsor is IRB Infrastructure Developers Limited, one of the largest infrastructure development and construction companies in India in terms of net worth in the roads and highways sector according to the NHAI's annual prequalification for public private partnerships in national highway projects report for 2016. The sponsor has been listed on the Stock Exchanges since 2008. Excluding the toll-road assets that are being transferred by the Sponsor to the fund pursuant to the Formation Transactions, as of December 31, 2016, the Sponsor had 16 road projects, of which eight were “operational”, five were “under construction” and three were “under development”.

The fund will acquire an initial portfolio comprising the Project SPVs, all of which are currently wholly owned by the Sponsor and its subsidiaries.

Key investment conditions:

  • Invest at least 80% of the value of the assets in completed and revenue generating infrastructure assets.
  • Balance 20% can be invested in under-construction infrastructure projects and securities of infrastructure companies in India (cannot invest in units of other InvITs)
  • InvIT should hold (directly or through SPVs) the infrastructure assets for at least 3 years from the date of purchase of the asset by the InvIT (except investment in securities of infrastructure companies)
  • Investment into SPVs is subject to the InvIT holding a controlling interest (at least 51% of equity share capital) in the SPVs

Distribution Policy:

  • At least 90% of distributable cash flow of the SPV shall be distributed to the InvIT in proportion to its holding in the SPV
  • At least 90% of distributable cash flow of the InvIT shall be distributed to the unit holders
  • Dividend declared to be paid within 15 days; distributions to the unit holders to be made on a half yearly basis
IRB InvIT Fund IPO details
Subscription Dates 3 - 5 May 2017
Price Band INR100 - 102 per unit
Fresh issue INR4,300 crore
Offer For Sale 34,761,770 units (INR354.57 crore at upper band)
Total IPO size INR4,654.57 crore (at upper price band)
Minimum bid (lot size) 10,000 units
Sponsor IRB Infrastructure Developers Limited
Project Manager Modern Road Makers Private Limited
Listing On NSE, BSE

 

IRB InvIT Fund's consolidated financial performance (in INR crore)

FY2014 FY2015 FY2016 9M FY2017
Total revenue 762.5 916.4 1,003.8 751.1
Total expenses 807.6 1,042.5 1,062.9 756.5
Profit after tax -47.5 -123.8 -76.4 -13.1

IRB InvIT Fund
IRB Complex, Chandivali Farm, Chandivali
Andheri (E), Mumbai – 400 072

Phone: +91 022 6640 4299
Fax: +91 6640 4274
Email: info@irbinvit.co.in
Website: www.irbinvit.co.in

Karvy Computershare Private Limited
Karvy Selenium Tower B, Plot 31-32,
Gachibowli, Nanakramguda,
Hyderabad – 500 032, Telangana

Phone: +91 40 6716 2222 
Fax:
+91 40 2343 1551 
Email:
 support@karvy.com
Website: www.karvycomputershare.com

IRB InvIT Fund IPO Subscription Details

Category Shares offered Subscription (No. of times, at 5 PM) 
Day 1 Day 2 Day 3
QIB  136,907,797  0.04  0.49 10.80
Other Investors 114,082,600  0.10  0.77  5.75
Total  250,990,397  0.06  0.62  8.51

 

IRB InvIT Fund IPO allotment status is now available on Karvy Computershare’s website. Click on this link to get allotment status. You can also check allotment status using application number on this link.

IPO Opening Date: 3 May 2017

IPO Closing Date: 5 May 2017

Listing Date: 18 May 2017

Listing Price on NSE: INR102 per units (no change from IPO price)

Closing Price on NSE: INR101.7 per units (slightly down from IPO price)

IRB InvIT Fund IPO
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6 thoughts on “IRB InvIT Fund IPO

  • April 29, 2017 at 11:01 PM
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    This is first come first basis or if ipo subscribe 3 times in hni how vll be allotment…

    Reply
  • April 28, 2017 at 12:52 PM
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    As per data displayed here price is around 10 lac per application so is it right or any mistake in data.

    As per my knowledge if It is an IPO then application value is around 15000 to 17000 it is very high related to this . So may be it is SME .

    Please let me know

    Reply
  • April 28, 2017 at 12:06 PM
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    Small investors like mejust observe the market and discuss
    OK we enjoy

    Reply
  • April 26, 2017 at 8:48 PM
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    THIS WILL BE THE DREAM PROJECT FOR SMALL INVESTERS LIKE ME BUT IT WILL HIT THE MARCKET VERY HIGH

    Reply
  • April 26, 2017 at 6:48 PM
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    how one retail investor will be able to apply when minimum investment is Rs 10 Lac.

    Reply
  • April 26, 2017 at 1:08 PM
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    Minimum Rs 10 lakh application!!!! This is for big investors

    Reply

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