Those who want to benefit from the growth of the highway sector should fill this IPO, read complete information

If you want to take advantage of the boom in the highway and road infrastructure sector in India, now is the time. The public issue of Bharat Highways Invite is all set to open in the IPO market. The IPO will open for subscription on 28th February and bidding will be open till 1st March. The company plans to raise ₹2,500 crore through a public issue, the highest so far this year.

What is the price band of an IPO?

The price band of Bharat Highways InvIT has been fixed at Rs 98 to Rs 100 per share. The lot of this IPO (Bharat Highways Invite IPO) has been fixed at 150 shares for investors. This means retail investors will also have to bid for at least 150 shares.

Who is the lead manager of an IPO?

ICICI Securities, Axis Capital, HDFC Bank and IIFL Securities have been appointed as book-running lead managers for the issue. The company filed draft papers for the IPO in December last year and got approval from market regulator Securities and Exchange Board of India (SEBI) this year. 

What will happen to the money raised from the IPO?

The company says it will use the money raised through the IPO to repay loans. This includes any accrued interest and prepayments. In addition, the remaining funds will be allocated for general corporate purposes. As of February 1, 2024, the Project SPV had a cumulative outstanding external debt of ₹ 3,568.22 crore.

A share purchase agreement has been signed

Ahead of the IPO, GR Infraprojects has entered into a share purchase agreement (SPA) with Bharat Highways InvIT for disinvestment of its entire equity share investment in seven wholly-owned subsidiaries. These subsidiaries include GR Phagwara Expressway, Porbandar Dwarka Expressway, Varanasi Sangam Expressway, GR Akkalkot Solapur Highway, GR Sangli Solapur Highway, GR Gundugolanu Devrapalli Highway and GR Dwarka Deoria Highway.

What does the company do?

Pursuant to the permissible activities outlined in the SEBI InvIT Regulations, Bharat Highways InvIT operates as an infrastructure investment trust with the primary objective of acquiring, managing and investing in a diversified portfolio of infrastructure assets across India.