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IndiGrid InvIT Fund IPO (IndiGrid InvIT Fund) Detail

May 17, 2017 - May 19, 2017

Incorporated in 2016, IndiGrid InvIT Fund is an infrastructure investment trust (“InvIT”) established to own inter-state power transmission assets in India. They are focused on providing stable and sustainable distributions to their Unitholders.

Sterlite Power Grid Ventures Ltd, sponsor of IndiGrid InvIT Fund is one of the leading independent power transmission companies operating in the private sector, with extensive experience in bidding, designing, financing, constructing and maintaining power transmission projects across India.

Company's sponsor owns 11 inter-state power transmission projects with a total network of 30 power transmission lines of approximately 7,733 ckms and nine substations having 13,890 MVA of transformation capacity. Some of these projects have been fully commissioned, while others are at different stages of development. They recently won bids for two transmission projects in Brazil,

Of the 11 inter-state power transmission projects owned by the Sponsor, they will initially acquire two projects with a total network of eight power transmission lines of 1,936 ckms and two substations having 6,000 MVA of transformation capacity across four states (the “Initial Portfolio Assets”).

Objects of the Issue:

The object of the issue are to:

1. providing loan to BDTCL and JTCL for repayment or pre-payment of debt (including any accrued interest and any applicable penalties) of banks, financial institutions, SGL1, SGL2;
2. repayment of any other long term and short term liabilities and capital expenditure creditors.

Issue Detail:

  »»  Issue Open: May 17, 2017 - May 19, 2017
  »»  Issue Type: Book Built Issue IPO
  »»  Issue Size: [.] Equity Shares of Rs aggregating up to Rs 2,250.00 Cr
  »»  Face Value: Rs Per Equity Share
  »»  Issue Price: Rs 98 - Rs 100 Per Equity Share
  »»  Market Lot: 10205 Shares
  »»  Minimum Order Quantity: 10205 Shares
  »»  Listing At: BSE, NSE

What are InvITs?

An InvIT is a new capital market product promoted by the Government to enable Infrastructure Developers to free up tied-up capital. InvITs are designed to attract low cost long term capital from FIIs, Insurance and Pension Funds and the DIIs (mutual funds, Banks) which will also benefit to other investors including HNI clients.

Ratings

IndiGrid has been given the corporate credit rating of "AAA"/Stable by Crisil, "IrAAA”/Stable by ICRA and IND"AAA"/Stable by India Ratings.

Comparision of InvITs

Comparision of InvITs (IRB InvITs & IndiGrid InvIT)

Particulars

IRB InvITs

IndiGrid InvIT

Price band

Rs. 100-102

Rs. 98-100

Issur Size

Rs. 5921 cr.

Rs. 2250 cr.

Sector

Toll Road constructions

Power Transmission

Likely yield

8 to 12%

10 to 15%

Entry Level

At a Premium

At par value

Tenure

16 years

35 years

Corporate Ratings

AAA/Stable

AAA/Stable

Proportionate Allotment

75% of the issue (i.e. except retail)

75% of the issue (i.e. except retail)

Risk Factors

Inflation, Traffic Volume, Govt. policies

Load Availability, Market trends

Market perception

Bearing Risk as above

Considered as Safe asset class Globally

Promoter

IRB Group

Sterlie Group

IndiGrid InvIT Fund Reviews:

  1. IndiGrid InvIT Fund IPO review by Dilip Davda

IndiGrid InvIT Fund Recommendations:

Angel Broking - Subscribe
ICICI Securities - Subscribe
Kotak Securities - Subscribe

Issue Subscription Detail / Current Bidding Status

Number of Times Subscribed (BSE + NSE)
As on Date & TimeQIBOthersTotal
Shares Offered / Reserved68,880,29457,398,544126,278,838
Day 1 - May 17, 2017 17:00 IST0.03000.11000.0700
Day 2 - May 18, 2017 17:00 IST0.07990.26500.1613
Day 3 - May 19, 2017 17:00 IST1.14001.60001.3500

IndiGrid InvIT Fund Prospectus

IndiGrid InvIT Fund Rating

224
3.7
Rating:Rated 3.7 stars

Vote Here ...

IndiGrid InvIT Fund News Alerts

No alert found.

Company Contact Information

IndiGrid InvIT Fund
F-1, The Mira Corporate Suites,
1 & 2, Ishwar Nagar,
Mathura Road, New Delhi 110 065
Phone: +91 11 4996 2200
Fax: +91 11 4996 2288
Email: complianceofficer@indigrid.co.in
Website: http://www.indigrid.co.in

IndiGrid InvIT Fund Registrar

Karvy Computershare Private Limited   »  Report
   Karvy House, 46, Avenue 4, Street No. 1,
   Banjara Hills, Hyderabad - 500 034
   Andhra Pradesh, India

Phone: +91-40-23312454
Fax: +91-40-23311968
Email: indigrid.invit@karvy.com
Website: http://karisma.karvy.com

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IndiGrid InvIT Fund Review / Comments

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62. Pranay  May 21, 2017 10:13:53 PM IST I Like It. | Report Abuse Reply
Dear friends as expected the response was not good and it should list on discount due to complex ownership structure it''s clearly impossible for small investors to make a decision
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61. IPO Bhavnagar  May 17, 2017 3:31:10 PM IST I Like It. 3 | Report Abuse Reply
Indigrid : Kostak 8000, Sub2 Rs. 6, GMP Rs. 8
Expected to be oversubscribed by 15+ times in non-institutional category
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61.1. Deepak K  May 20, 2017 4:07:01 PM IST I Like It. | Report Abuse
Even IRB invit fund could not get 15x oversubscription then what was your 15+ oversubscription in Indigrid invit based upon after such a dismal listing on share bazaar?
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61.2. pamsa  May 21, 2017 12:52:43 PM IST I Like It. 1 | Report Abuse
IPO Bhavnagar , what is GMP now ?
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60. raj shah  May 20, 2017 12:15:56 AM IST I Like It. | Report Abuse Reply
indiagrid is good company....wait for one month... no any tension for long term
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59. Ficpl  May 19, 2017 10:44:53 PM IST I Like It. 2 | Report Abuse Reply
After IRB this page have so much silence ....😂😂😂
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58. raj shah  May 19, 2017 3:27:41 PM IST I Like It. | Report Abuse Reply
DEAR FRIENDS....

INDIGRID INVIT IS GOOD COMPANY
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57. Rockers  May 19, 2017 3:10:21 PM IST I Like It. | Report Abuse Reply
Indiagrid

Day 3 at 2:00PM

Institutional: 0.56x
NII: 1.40X

Total: 0.94X
Applications: 3442 Approx
No. of Applic-wise: 0.61X
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56. Deepak G. Agarwal  May 19, 2017 12:20:08 PM IST I Like It. 3 | Report Abuse Reply
My guess is that since IRB INvIT issue has flopped on listing (apart from the hype created by by bogus analysts & grey market traders), a few things will be key going forward:

- GMP is a hoax most of the time (as evident in S Chand & iRV InvIT)
- IndGRid would be a super flop (my estimate 30% subscription).
- Promoters are rich and can easily put in 2000 crores to save face.

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55. beejedee  May 19, 2017 8:37:47 AM IST I Like It. 2 | Report Abuse Reply
At least for now,such Instruments not for Individual Investors..
Nil or Negligible Capital Appreciation.
Poor ROI
Almost no chance of Principal Amount return.
Chances of IT Query as amount is 10L
Reminds my LIC Superannuation ,where I am getting 7.5 % but my Nominee will get Principle Amount after my death...
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54. Sumit sumit  May 18, 2017 11:33:36 AM IST I Like It. 3 | Report Abuse Reply
I think post poor listing of irb invite fund...the subscription number will be very less for this fund....people who were planning to apply few applications now want that kisi Tarah irb k loss se Bach jayein....
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54.1. IPO Bhavnagar  May 18, 2017 6:31:17 PM IST I Like It. 3 | Report Abuse
Liquidity and Greed will never allow to have a less no of applications in any IPO... Slightly less possible, but, too less not possible.
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54.2. BKG  May 18, 2017 8:29:05 PM IST I Like It. 1 | Report Abuse
I also agreed that It will not be fully suscripped because of poor listing of irb today.
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53. Jain vivek  May 17, 2017 4:14:14 PM IST I Like It. 3 | Report Abuse Reply
Biggest issue in this IPO is that allotment will be on proportional basis which was not the case in IRB Infra InvIT. This would favor those putting in a large application for these units
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53.4. IPO Bhavnagar  May 18, 2017 6:29:45 PM IST I Like It. | Report Abuse
Mr. JKG has already posted the same at Point No 47
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53.5. BGRJVB  May 18, 2017 7:39:42 PM IST I Like It. | Report Abuse
Thanks IPO Bhavnagar. Best Regds.
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52. vishal chokshi  May 18, 2017 2:09:31 PM IST I Like It. | Report Abuse Reply
ANY BUDDY INTRESTED TO BUY INDIA GRIDE APPLICATION IN GMP OR KOSTAK.
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51. MITTAL  May 18, 2017 11:21:05 AM IST I Like It. 2 | Report Abuse Reply
पहले समझे कि यह इशू क्या है । सिर्फ बडी कम्पनी अपनी
टोपी trust को पहना रहा है (अपने Asstt बेचकर) और trust invester को पहना कर बाहर ।

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50. karankshah  May 18, 2017 10:26:23 AM IST I Like It. 1 | Report Abuse Reply
NOT APPLY

IPO BROKER COMMISTION KI LALACH ME SABKO APPLY KARATE HAI AUR GMP AUR KOSTAK RATE SAB FAKE HAI PLEASE ITNE BADE IPO MAT APPLY KARE AUR APANA PAISA BACHAYE YE RPOWER KE TIME JESI MARKET KA DHOKA HAI APAKA PAISA EK BAR FAS GAYA NIKALNE ME 2-3 SAAL LAG JAYENGE PLEASE DONT APPLY. AUR GMP AUR KOSTAK RATE KUCH LOG APANE HISAB SE NIKAL RAHE HAI VAISA SODA BADE IPO ME NAHI HOTE
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49. vishal chokshi  May 18, 2017 9:41:22 AM IST I Like It. 3 | Report Abuse Reply
DONT APPLY BCS IRB LISTING AROUND 102 WHICH IS OFFER PRICED SO ITS FEAR ABOUT LISTING... JUST CEATING IN GREY MKT TO PREMUIM...
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48. bhanu prasanth  May 17, 2017 4:18:56 PM IST I Like It. 1 | Report Abuse Reply
Hi

SBI is not showing this IPO in their ASBA list.
Is there any way to apply for this IPO from SBI?
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48.2. Raju Bhai  May 17, 2017 10:09:40 PM IST I Like It. | Report Abuse
Print Blank Form from nseindia.com , Fill it and submit mannualy to your branch thats all
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48.3. Navkant  May 17, 2017 10:37:20 PM IST I Like It. | Report Abuse
It shows up in ICICI. Physical application supports ASBA?
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47. Mr. Paresh Shah  May 17, 2017 10:33:14 PM IST I Like It. | Report Abuse Reply
I m confused
Applied or not !
No one is recommend aggressively
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46. JKG  May 17, 2017 8:13:10 PM IST I Like It. 1 | Report Abuse Reply
Dear All,

Please find below the method of basis of allotment in India Grid Trust InvIT Fund.  Kindly refer page No. 260 of offer documents.

Method of Proportionate Basis of Allotment in the Issue

 

Bids received from Bidders, other than Anchor Investors, at or above the Issue Price may be grouped together to determine the total demand under each category. The allotment to all successful Bidders, other than Anchor Investors, may be made at or above the Issue Price. If the aggregate demand in this category is less than or equal to the allocation made to each category, full allotment may be made to Bidders to the extent of their demand. In case the aggregate demand in each category is greater than the allocation to such category at or above the Issue Price, allotment may be made on a proportionate basis up to a minimum of the allocation to such category. In the event of the Issue being over-subscribed, the Issuer may finalise the Basis of Allotment in consultation with the Designated Stock Exchange in accordance with the InvIT Regulations and InvIT Guidelines. The allocation to Bidders (other than Anchor Investors), on a proportionate basis as explained below:

 

(a) Bidders may be categorized according to the number of Units applied for;

 

(b) The total number of Units to be Allotted to each category as a whole may be arrived at on a proportionate basis, which is the total number of Units applied for in that category (number of Bidders in the category multiplied by the number of Units applied for) multiplied by the inverse of the over-subscription ratio;

 

(c) The number of Units to be Allotted to the successful Bidders may be arrived at on a proportionate basis, which is total number of Units applied for by each Bidder in that category multiplied by the inverse of the over-subscription ratio;

 

(d) In all Bids where the proportionate allotment is less than the minimum bid lot decided per Bidder, the allotment may be made as follows: the successful Bidders out of the total Bidders for a category may be determined by a draw of lots in a manner such that the total number of Units Allotted in that category is equal to the number of Units calculated in accordance with (b) above; and each successful Bidder may be Allotted a minimum of such Units equal to the minimum Bid Lot finalised by the Issuer;

 

(e) If the Units allocated on a proportionate basis to any category are more than the Units Allotted to the Bidders in that category, the remaining Units available for allotment may be first adjusted against any other category, where the Allotted Units are not sufficient for proportionate allotment to the successful Bidders in that category. The balance Units, if any, remaining after such adjustment may be added to the category comprising Bidders applying for minimum number of Units.
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45. SACHINJAIN  May 17, 2017 4:13:48 PM IST I Like It. | Report Abuse Reply
Want to sell two application of Indigrid buyer contact me on sac_jn@rediffmail.com
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44. ashok dalmia  May 17, 2017 3:58:41 PM IST I Like It. | Report Abuse Reply
septaji, eagleeye..kindly guide..


I would like to know, which category to choose...
in INDIGRID InvIT fund IPO..
i am a retail investor...

in the category Retailer in AXIS bank ASBA account

i can invest in RETAIL category above 2 lacs also

and also in HNI category..
i am confused which i can choose..


kindly guide
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43. deepika  May 17, 2017 2:48:37 PM IST I Like It. 1 | Report Abuse Reply
good price
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43.1. jigeshpatel  May 17, 2017 2:56:03 PM IST I Like It. | Report Abuse
how much u.need
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