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IRB InvIT Fund IPO (IRB InvIT Fund IPO) Detail

May 3, 2017 - May 5, 2017

IRB InvIT Fund is a registered infrastructure investment trust under the InvIT Regulations. They primarily intend to own, operate and maintain a portfolio of six toll - road assets in the Indian states of Maharashtra, Gujarat, Rajasthan, Karnataka and Tamil Nadu. These toll roads are operated and maintained pursuant to concessions granted by the NHAI.

IRB InvIT Fund, which is sponsored by road developer IRB Infrastructure Developers Limited, one of the largest infrastructure development and construction companies in India in terms of net worth in the roads and highways sector according to the NHAI's annual prequalification for public private partnerships in national highway projects report for 2015.

These toll roads projects are Bharuch–Surat NH 8, Jaipur–Deoli NH 12, Surat–Dahisar NH 8, Tumkur–Chitradurga NH 4, Omalur–Salem–Namakkal NH 7 and Talegaon–Amravati NH 6. While Surat-Dahisar and Bharuch-Surat project has concession period tenure till January 2022 and Omalur-Salem-Namakkal till August 2026, other projects have concession tenures ending in June 2037. Sponsor has 22 BOT road projects on hand as on 31st December 2016 out of which 14 are operational, 5 are under construction and 3 are under development. Futures of all these projects are based on the daily traffic volumes, inflation and regulatory changes. Trust will follow factoring of WPI in the pricing of the projects.

Trust will have key investment conditions as under:

1. Invest at least 80% of the value of the assets in completed and revenue generating infrastructure assets
2. Balance 20% can be invested in under-construction infrastructure projects and securities of infrastructure companies in India (cannot invest in units of other InvITs)
3. InvIT should hold (directly or through SPVs) the infrastructure assets for at least 3 years from the date of purchase of the asset by the InvIT (except investment in securities of infrastructure companies)
4. Investment into SPVs is subject to the InvIT holding a controlling interest (at least 51% of equity share capital) in the SPVs

On dividend policy, investors are likely to get rewards based on

1. At least 90% of distributable cash flow of the SPV shall be distributed to the InvIT in proportion to its holding in the SPV
2. At least 90% of distributable cash flow of the InvIT shall be distributed to the unit holders
3. Dividend declared to be paid within 15 days; distributions to the unit holders to be made on a half yearly basis (however, management has intention to distribute dividends on quarterly basis as informed during road show. Such dividends will be totally tax free in the hands of the Unit holders.)

Objects of the Issue:

The object of the issue are to:

1. Investment in the Project SPVs by way of an issue of debt;
2. General purposes;
3. Issue related expenses.

Issue Detail:

  »»  Issue Open: May 3, 2017 - May 5, 2017
  »»  Issue Type: Book Built Issue IPO
  »»  Issue Size:
    ›  Fresh Issue of [.] Equity Shares of Rs 10 aggregating up to Rs 4,300.00 Cr
    ›  Offer for Sale of 34,761,770 Equity Shares of Rs 10 aggregating up to Rs [.] Cr
  »»  Face Value: Rs 10 Per Equity Share
  »»  Issue Price: Rs 100 - Rs 102 Per Equity Share
  »»  Market Lot: 10000 Shares
  »»  Minimum Order Quantity: 10000 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

The Trust has been assigned a rating of CARE AAA(Is) stable by CARE ratings indicating an opinion on the general creditworthiness of the trust and has not rated the Units of the Trust. India Ratings has assigned IND AAA Outlook Stable to Trust’s external senior debt reflecting combined credit quality of the underlying assets and has not rated the Units.

IRB InvIT Fund IPO Reviews:

  1. IRB InvIT Fund IPO review by Dilip Davda

Issue Subscription Detail / Current Bidding Status

Number of Times Subscribed (BSE + NSE)
As on Date & TimeQIBOthersTotal
Shares Offered / Reserved136,907,797136,907,797250,990,397
Day 1 - May 3, 2017 17:00 IST0.04000.10000.0700
Day 2 - May 4, 2017 17:00 IST0.49000.77000.6200
Day 3 - May 5, 2017 17:00 IST10.81005.89008.5700

IRB InvIT Fund IPO Prospectus

IRB InvIT Fund IPO Rating

256
3.6
Rating:Rated 3.6 stars

Vote Here ...

IRB InvIT Fund IPO News Alerts

  1. Friday, May 5, 2017 12:00:00 AM
    IRB InvIT Fund IPO - Close
  2. Wednesday, May 3, 2017 12:00:00 AM
    IRB InvIT Fund IPO - Open

Company Contact Information

IRB InvIT Fund
IRB Complex, Chandivali Farm,
Chandivali Village,
Andheri (E), Mumbai – 400 072
Phone: 022 6640 4299
Fax: 022 6640 4274
Email: info@irbinvit.co.in
Website: http://www.irbinvit.co.in

IRB InvIT Fund IPO 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: support@karvy.com
Website: http://karisma.karvy.com

IRB InvIT Fund IPO Lead Manager(s)

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IRB InvIT Fund IPO Review / Comments

avatar
338. Dubai ipo  May 22, 2017 11:59:12 PM IST I Like It. | Report Abuse Reply
yes boss 10 rs dividend for 102 rs
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337. govindm  May 22, 2017 9:19:39 PM IST I Like It. | Report Abuse Reply
my question is 10% dividend d of rs. 102 per year?
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336. IPO Bhavnagar  May 19, 2017 5:01:40 PM IST I Like It. 1 | Report Abuse Reply
In case QIB IPO Subscription data, just to understand, 11 people were willing to buy the units of IRB at Rs. 102 (even after a waiting period of around 15 days to list). Of which only 1 is allotted. Now, those remaining 10 are not ready buy even at 101 or less with readily listed confirm delivery. Nobody could understand the product ? Can any logic explain this ?
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336.4. CA Anuj Agarwal  May 19, 2017 8:11:06 PM IST I Like It. | Report Abuse
Only hope for increasing in price is company comes forward and buys the share from the market
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336.5. gundu anna  May 22, 2017 6:31:38 PM IST I Like It. 1 | Report Abuse
Top Contributor Top Contributor (400+ Posts)
It is because for the buyer at 101 the equivalent price is about 102( assuming 1% brokerage). Now the the returns expected is 9-11% annual. when selling the units again 1% brokerage, and capital gain tax. so the right price to buy will be around 98-100 levels I think..
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335. Dubai ipo  May 22, 2017 9:57:49 AM IST I Like It. | Report Abuse Reply
ipo bhavanagar ...i hope irb will go up .....
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334. CA Anuj Agarwal  May 22, 2017 9:32:12 AM IST I Like It. | Report Abuse Reply
Ipo Bhavnagar it is going down and down. Mkt up ???
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333. Sumit sumit  May 22, 2017 6:46:38 AM IST I Like It. | Report Abuse Reply
I think this week this will rise before the listing on indiainvit fund so that indiainvit fund rise with premium
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332. raj shah  May 20, 2017 12:14:05 AM IST I Like It. | Report Abuse Reply
long term good for us... irb and indiagrid...
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331. raj shah  May 20, 2017 12:13:36 AM IST I Like It. | Report Abuse Reply
we will get 10 to 12 % dividend in irb and indiagrid...also tex free...
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330. CA Anuj Agarwal  May 19, 2017 11:10:09 PM IST I Like It. | Report Abuse Reply
77% delivery? Is any thing cooking there? Ipo Bhavnagar
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329. pawan gupta  May 18, 2017 10:08:42 PM IST I Like It. | Report Abuse Reply
Koi. Muje inte less amt pr listing ka reason bta skta h??????
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328. CA Anuj Agarwal  May 18, 2017 9:25:32 PM IST I Like It. | Report Abuse Reply
Can now it will increase ? So dat atleast we can recover brokerage amount???
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327. Blue star  May 18, 2017 8:51:58 PM IST I Like It. | Report Abuse Reply
Biggest cheating with public ..
Saturday IRB ka besna rakha hai...
Sab log 10 se 11 moun rahke shraddhanjali deve...
Ek tha IPO 😀😀😀
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326. BKG  May 18, 2017 8:33:55 PM IST I Like It. | Report Abuse Reply
Anybody have an idea that why irb listed, traded & closed lower than expectation of investor or market ?
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325. KKTAMBI  May 18, 2017 6:27:31 PM IST I Like It. | Report Abuse Reply
After today''s listing of IRB Invit , should 1 apply in indiagrid
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325.1. BKG  May 18, 2017 8:32:35 PM IST I Like It. | Report Abuse
It''s now risky because it will not be subscripted like irb and retail investor can''t take a risk of much amount after today''s listing of irb.
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324. Navkant  May 18, 2017 2:21:50 PM IST I Like It. | Report Abuse Reply
No offence to anyone but can someone please help me understand InvIT GMP logic? Why would there be an 8% premium for a Fund returning ~10% annual?
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324.1. NAND KISHORE PARWAL  May 18, 2017 7:24:32 PM IST I Like It. | Report Abuse
Dividend income is tax free. Interest income is Taxable. No dividend distribution tax on these trusts on dividend paid by these trusts.
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324.2. Navkant  May 18, 2017 7:57:05 PM IST I Like It. | Report Abuse
Thanks Nand. That only explains the 2% tax saving and 2Rs premium which is what its trading at. Including time value of money, what would drive the rest 6%?
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323. RSHAH  May 18, 2017 1:56:24 PM IST I Like It. 2 | Report Abuse Reply
Got refund in this ipo
But buy at 102.5 for short term
And also cancelled the plan to invest in new invit issue as I divert my fund for buying from market in irb invit fund
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323.1. royalkingkhan..  May 18, 2017 3:54:32 PM IST I Like It. | Report Abuse
Aapse pese fas gye samjho..

6 month tk bhav nhi aane.
Enjoy
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322. royalkingkhan..  May 18, 2017 3:51:50 PM IST I Like It. 2 | Report Abuse Reply
Aaj tak ka sabse ghatiya fund..

MC... bhikari sale hamse hi sare pese chahiye the tujhe
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321. BKG  May 18, 2017 3:49:27 PM IST I Like It. 1 | Report Abuse Reply
IRB InvIT closed in first trading session with discount.😥
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320. karankshah  May 18, 2017 12:49:14 PM IST I Like It. 1 | Report Abuse Reply
mr, ipo bhavnagar, i know this is risk market but not cheating market tumare jaise log gmp aur kostak bakwas post dalke jo public ko gumrah kar rahe ho usse dikat hai stock market se nahi agar apply jo karata hai use risk malum hi hota hai mere bhai lekin tumare jaise log har ipo me gmp aur kostak ke galat message dal rahe ho usse dikat hai schand me tune kostak aur gmp dala tha
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320.1. IPO Bhavnagar  May 18, 2017 1:03:16 PM IST I Like It. | Report Abuse
Mr. Karan,

1. Whom do you trust here on this board ? What did they advised ? What was the GMP posted by him/her ? As per your source, what was GMP ?

2. If I give you a quote, both side, either buy or sell, to trade on GMP, would you believe ?

3. If you have suffered loss, its due to market. Not due to me. I didnt advised you particularly to apply. Aise gyan pelna jaruri hai kya ?

4. On this board, who advised not to apply IRB ? Whose GMP was different then mine ?
avatar
319. royalkingkhan..  May 18, 2017 1:01:42 PM IST I Like It. | Report Abuse Reply
If you have money,
Then hold till next week,
If you arrange money from somewhere else- funding or loan a/c
Then sell on cmp..
tomorrow is more negetive market..
Hudco ipo also effect from negetive market
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