New Delhi: The Initial Public Offering (IPO) of Bharat Highways InvIT, an infrastructure investment trust, got subscribed 37 percent on the first day of share sale on Wednesday.

The initial share sale received bids for 3,83,46,450 units against 10,30,12,800 units on offer, according to NSE data.

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The institutional investors category picked up 2.52 lakh units against 5.61 crore units on offer. Other investors category got subscribed 81 percent.

Bharat Highways InvIT on Tuesday said it has collected Rs 826 crore from anchor investors.

The Rs 2,500-crore public issue of Bharat Highways will conclude on March 1. The price band has been fixed at Rs 98-100 per unit.

Proceeds from the issue will be utilised to provide loans to the project SPVs (Special Purpose Vehicles) for repayment of their outstanding loans.

Bharat Highways InvIT is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India and to carry on the activities of an infrastructure investment trust under Sebi's InvIT rule.

Its initial portfolio consists of seven road assets, all operating on HAM (Hybrid Annuity Model) basis, in Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh consisting of about 497.292 km of constructed and operational roads.

ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities are the book-running lead managers to the issue.

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