Bharat Highways InvIT is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India. It aims to carry out the activities of an infrastructure investment trust as permissible under the SEBI InvIT Regulations.
| Bidding Dates |
|---|
| 28 Feb 2024 - 01 Mar 2024 |
| Subscription |
|---|
| 8x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,700 | 1 | 13 | 150 | 250.0 M | ₹98 - ₹100 | - | ₹24500.0 M - ₹25000.0 M | RHP DOC |
Bharat Highways InvIT IPO SUBSCRIPTION STATUS
01 Mar '24Bharat Highways InvIT IPO overall subscription rate was 8 times the total available shares
Bharat Highways InvIT IPO non-institutional investor subscription rate was 6.9 times in the non-institutional investor category
Bharat Highways InvIT IPO Qualified Institutional Bidder subscription rate was 8.9 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | - | 25% | 75% |
01 Mar 2024 (Day 3) | - | 6.9x | 8.9x |
29 Feb 2024 (Day 2) | - | 2.24x | 0.02x |
28 Feb 2024 (Day 1) | - | 0x | 0x |
Bharat Highways InvIT FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) |
| 6MFY24 | 1,013.5 | 3,680.7 | 4,981.0 |
| FY23 | 5,270.5 | 15,094.9 | 4,726.2 |
| FY22 | 628.7 | 15,857.0 | -3,980.9 |
| FY21 | 1,494.5 | 21,539.7 | -9,439.1 |
Bharat Highways InvIT IPO SUBSCRIPTION STATUS DETAILS
Bharat Highways InvIT had 250.0 M shares on offer
Bharat Highways InvIT IPO offer price was in the range ₹98 - ₹100
Bharat Highways InvIT IPO minimum Investment was ₹14700
Bharat Highways InvIT IPO issue size was ₹ 24500.0 M - ₹ 25000.0 M
Bharat Highways InvIT had a minimum lot size of 150 Shares per application
Bharat Highways InvIT NUMBER OF SHARES ON OFFER
Bharat Highways InvIT IPO IMPORTANT DATES
| Issue Open Date | 28 Feb 2024 |
| Issue close Date | 01 Mar 2024 |
| Allotment Date | 06 Mar 2024 |
| Refund Date | 07 Mar 2024 |
| Demat Account Credit Date | 07 Mar 2024 |
| Listing Date | 12 Mar 2024 |
| Listing on Exchange(s) | NSE and BSE |
| Bharat Highways InvIT Allotment Status | Exchange |
Bharat Highways InvIT IPO subscription opened on 28 Feb 2024, and closed on 01 Mar 2024
IPO allotment for Bharat Highways InvIT was finalized on Wednesday, 06 Mar 2024
IPO listing for Bharat Highways InvIT was on NSE and BSE on Tuesday, 12 Mar 2024
Bharat Highways InvIT IPO LISTING GAINS
| Issue Price (adjusted) | 100.0 |
| Listing Open Price | 101.1 |
| Listing Close Price | 103.0 |
| Listing Gain% | 1.1% |
| Current Gain% | 37.0% |
Bharat Highways InvIT Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Indus Infra Trust | 137 | 17 | 10.1 | 9.8 | 6.8 | 855.6 | 565.2 | 481.7 | 3153.2 | 8 | |||
| Knowledge Realty Trust | 117.3 | 52024.4 | 10.5 | 0.9 | 4146.9 | 15.6 | 222.5 | -34.5 | |||||
| Altius Telecom Infrastructure Trust | 171.5 | 44641.4 | 5.6 | 1.1 | 19623.7 | 47 | 839.9 | -25 | |||||
| Embassy Office Parks REIT | 441.3 | 41828.7 | 1.6 | 0.7 | 4675.8 | 11.8 | 338.5 | -79.2 | |||||
| Bagmane Prime Office REIT | 107.4 | 36509.2 | 56.5 | 12.4 | 2390.9 | 6.9 | 896.5 | 10.8 | |||||
| National Highways Infra Trust | 164 | 31764.3 | 2.9 | 1.3 | 4322.2 | 78.9 | 685.5 | 110.9 |
Bharat Highways InvIT INFORMATION ON IPO ISSUE
About Bharat Highways InvIT
Bharat Highways InvIT is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India. It aims to carry out the activities of an infrastructure investment trust as permissible under the SEBI InvIT Regulations.
Object of the Issue
- Providing loans to the project SPVs for repayment/pre-payment, in part or in full, of their respective outstanding loans (including any accrued interest and prepayment penalty
- General purposes
Bharat Highways InvIT Book Running Lead Manager
ICICI Securities Limited
bharat.invit@icicisecurities.com
Axis Capital Limited
bharat.invit@axiscap.in
HDFC Bank Limited
bharat.invit@hdfcbank.com
IIFL Securities Limited
bharat.invit@iiflcap.com
Bharat Highways InvIT Registrar to the Offer
KFinTechnologies Private Limited
bharathighways.invit@kfintech.com
Bharat Highways InvIT Strengths
Sizeable portfolio
The company boasts a sizeable portfolio of stable revenue-generating assets, with no construction risk and long-term predictable cash flows
Geographically diversified portfolio
The company has a geographically diversified road asset portfolio and revenue base. The InvIT's assets consist of seven operational Hybrid Annuity Model (HAM) assets located across five states of India
Attractive sector
The roads and highways sectors play a crucial role in the overall economy of India. The development of the infrastructure sector has been a priority area for the Government, which has witnessed enhanced public investment over the years
Bharat Highways InvIT Risks
Newly settled trust
The InvIT is a newly established trust and does not have an established operating history, making it difficult to accurately assess future growth prospects
Limited experience
The Investment Manager has limited experience and may not be able to implement its capital and risk management strategies effectively
Dependent on NHAI
All of the revenue from the InvIT Assets is dependent on receiving consistent annuity income from the National Highways Authority of India (NHAI)
IPO FAQs
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 25.0% and for retail investors it is 0.0%.
The price band of the IPO is Rs 98.0 - 100.0.
The IPO application opens on Feb 28, 2024 and closes on Mar 01, 2024.
The minimum lot size for the IPO is 150. The maximum lot size for the IPO is 1950.
For all category investors, the minimum application amount for this IPO is Rs. 14,700.0, the maximum value for this IPO is Rs 195,000.0.
This IPO will be allotted on Mar 06, 2024.
The refund will be credited to your account on Mar 07, 2024.
The allotted shares will be credited to your demat on Mar 07, 2024.
Bharat Highways InvIT’s shares listed on the stock exchanges on Mar 12, 2024.