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Power Grid InvIT IPO evinces overwhelming response, subscribed 4.83 times on closing day

Power Grid’s Infrastructure Investment Trust (InvIT) IPO received an overwhelming response on the last day of the issue as it was subscribed 4.83 times

Power Grid InvIT IPO evinces overwhelming response, subscribed 4.83 times on closing day
Power Grid InvIT IPO evinces overwhelming response, subscribed 4.83 times on closing day
  • The Power Grid InvIT IPO received bids for 2,05,40,48,700 units on the last day as against 42,54,25,000 units on offer

  • The public issue was subscribed 4.63 times in Qualified Institutional Bidders (QIB) category

New Delhi: State-run Power Grid Corporation of India Ltd’s (PGCIL) Infrastructure Investment Trust (InvIT) IPO received an overwhelming response on the last day of the issue on Monday as it was subscribed 4.83 times, NSE data showed. The initial public offer (IPO) of POWERGRID Infrastructure Investment Trust (PowerGrid InvIT) received bids for 2,05,40,48,700 units on the last day as against 42,54,25,000 units on offer, NSE data available at 5 pm showed. The public issue was subscribed 4.63 times in Qualified Institutional Bidders (QIB) category and 4.92 times in the Non-institutional bidders (NII) category.

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The issue opened on April 29 and closed on Monday. The price band of the Power Grid InvIT IPO was fixed at Rs 99-100. It was India’s third publicly listed InvIT after IndiGrid and IRB InvIT fund and the second in the electricity transmission sector. The issue was also the first InvIT IPO by a public sector company in India.

IPO subscribed 10% on Day 1, 59% on Day 2

On the first day of the IPO, the offer was subscribed 10 percent as the issue received bids for 4,32,42,100 units against 42,54,25,000 units on offer. The institutional investors category was subscribed 3 percent, while those for other investors 19 percent. On Day 2, the issue was subscribed 59 percent. By the end of the day on April 30, the issue had received bids for 25,17,42,700 units out of the 42,54,25,000 units on offer for subscription.

The backdrop

The Maharatna PSU is planning to raise Rs 7,735 crore through a fresh issue of up to Rs 4,993.5 crore and existing investors offering units worth up to Rs 2,741.5 crore. The proceeds of the fresh issue in Power Grid InvIT will be utilised for providing loans to the Initial Portfolio Assets for repayment or pre-payment of debt, including any accrued interest, availed by the Initial Portfolio Assets; and general purposes,” Power Grid had said in a regulatory filing on April 24. 

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