IRB InvIT Fund IPO opens for subscription

On Tuesday, RB Infrastructure Developers’ infrastructure investment trust (InvIT) has allotted units worth Rs 2094.5 crore to anchor investors ahead of its initial public offering (IPO). The company’s IPO opened on May 3 and closes on 5 May.

IRB has allotted shares at Rs 102 which is the upper end of the IPO price band. The company plans to raise Rs 5033 crore from the listing of its infrastructure investment trust. The issue is consisting of a fresh issue of Rs 4300 crore at a price band of Rs 100 to Rs 102 per unit.

The institutional investors who participated in the anchor book allocation included foreign investors such as the government of Singapore, Schroder Asian Asset Income Fund, Deutsche Global Infrastructure Fund and Jupiter South Asia Investment Company. The domestic investors such as Birla Sun Life Mutual Fund, HDFC Standard Life Insurance Company and Birla Sun Life Insurance Company.

IRB will utilise funds of Rs 3300 crore to repay underlying debt associated with the assets and the balance to pay back sponsor debt.

The share price of IRB increased 2.1 per cent in an early trade and is trading at Rs 267.7 on an intraday basis.