IRB InvIT IPO to make stock market debut on May 18
DSIJ Intelligence / 17 May 2017
IRB InvIT Fund, which is sponsored by road developer IRB Infrastructure Developers Limited, is set to make its stock market debut on May 18, after successfully closing its initial public offer earlier this month.
IRB InvIT Fund, which is sponsored by road developer IRB Infrastructure Developers Limited, is set to make its stock market debut on May 18, after successfully closing its initial public offer earlier this month.
The IPO was oversubscribed by 8.57 times and is the first in the InvIT space. The offer had a price band of Rs 100-102.
InvITs or infrastructure investment trusts are those debt instruments that will be traded in the market and can act as investment vehicles for sponsors. IDFC Bank, Credit Suisse Securities and ICICI Securities were the lead managers to the offer.
The units are proposed to be listed on the BSE and the National Stock Exchange (NSE). The issue was open to bidding on May 3-5.
InvITs are instruments that work like mutual funds and are designed to pool small sums of money from a number of investors to invest in assets that give cash flow over a period of time. Part of this cash flow would be distributed as dividend back to investors.