New Delhi: The initial public offering of state-owned National Highways Authority of India-sponsored Raajmarg Infra Investment Trust was subscribed 13.74 times on the final day of bidding on Friday.
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The Rs 6,000-crore IPO received bids for 2,93,14,93,200 units against 21,33,33,150 units on offer, registering a 13.74 times subscription, as per NSE data.
The portion for Qualified Institutional Buyers (QIBs) subscribed 19.14 times, and the quota for Non-Institutional Investors received 7.26 times subscription.
On Tuesday, Raajmarg Infra Investment Trust (RIIT) raised Rs 1,728 crore from anchor investors, including LIC, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance and Bajaj Life Insurance.
The InvIT's IPO price has been fixed at Rs 99-100 per unit.
The initiative marks an important step in broadening public participation in the National Highway infrastructure growth story.
The public InvIT aims to unlock the monetisation potential of the National Highway assets while creating a high-quality, long-term investment instrument primarily targeting retail and domestic investors.
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According to the Red Herring Prospectus (RHP), Raajmarg Infra Investment Trust's IPO issue size aggregates up to Rs 6,000 crore.
The InvIT proposes an initial portfolio of five toll roads in Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, operating under the Toll-Operate-Transfer model based on concessions granted by the NHAI to the project SPV.
The toll roads consist of five toll roads spanning over 260 km, forming part of the Golden Quadrilateral project.
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