First ever InvIT listing: IRB InvIT debuts with small premium at Rs 103.25 on BSE

NEW DELHI: IRB InvIT Fund made a soft debut on bourses on Thursday and got listed at Rs 103.25 on BSE against the issue price of Rs 102.

The IPO of IRB InvIT Fund, the first in the InvIT space, was oversubscribed 8.57 times. The institutional investors category was oversubscribed 10.81 times and other investors 5.89 times.

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. IRB Infrastructure Developers, the sponsor of the InvIT, had garnered Rs 5,035 crore through the IPO. Shares of IRB Infrastructure Developers were trading 2.34 per cent down at Rs 250.95 around 9.50 am (IST) on BSE.

IDFC Bank, Credit Suisse Securities and ICICI Securities were the lead managers to the offer.

The issue was open to subscription from May 3 to May 5.

IRB InvIT Trust is an infrastructure investment trust registered under the InvIT Regulations of SEBI. IRB InvIT intend to own, operate and maintain a portfolio of six toll-road assets which are operated and maintained pursuant to concessions granted by the NHAI. This is the first listed infrastructure investment trust on the stock exchanges focused on toll-road assets in India.