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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: 580,500,000 Equity Shares of Rs 102 aggregating up to Rs 5,921.10 Cr
    ›  Fresh Issue of [.] Equity Shares of Rs 102 aggregating up to Rs 4,300.00 Cr
    ›  Offer for Sale of 34,761,770 Equity Shares of Rs 102 aggregating up to Rs [.] Cr
  »»  Face Value: Rs 102 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 Listing Date

  •   ›  Listing Date: Thursday, May 18, 2017
  •   ›  BSE Script Code: 540526
  •   ›  NSE Symbol: IRBINVIT
  •   ›  Listing In: IF
  •   ›  ISIN: INE183W23014
  •   ›  Issue Price: Rs 102 Per Equity Share
  •   ›  Face Value: Rs 102 Per Equity Share

Listing Day Trading Information

.
Issue Price:
Open:
Low:
High:
Last Trade:
Volume:
BSE
Rs 102.00
Rs 103.25
Rs 99.65
Rs 105.00
Rs 101.79
102
NSE
Rs 102.00
Rs 102.00
Rs 99.75
Rs 105.00
Rs 101.80
78,105,000

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
347. RAKESH KUMAR BEHANI  Jul 4, 2017 2:06:11 PM IST I Like It. | Report Abuse
i have 5000/ shares at allotment rate 102/ suggest can i hold or sales
avatar
346. ravijjw  Jul 3, 2017 7:00:35 PM IST I Like It. | Report Abuse
wha to do with this each n every days its touching new low.
avatar
345. bunty aggarwal  Jun 7, 2017 10:21:18 AM IST I Like It. | Report Abuse
In every debt instrument which is traded on exchanges there is a chance of capital getting ERODED as interest rates move or rating of that security moves.no debt instrument guarantees capital protection.Also this particular INVIT has fallen because people are using it for trading purpose and not as debt paper.I was reading in this column prior to listing and everyone was speculating on listing gain.This is NOT a Share it''s a debt instrument for earning 8 to 12% P.A.
avatar
345.1. BullOverBear  Jun 16, 2017 1:31:36 AM IST I Like It. | Report Abuse
I appreciate that you shared these views here. As truly pointed out, these investment instruments are for HNIs and above as well as debt fun houses for whom fetching such interest (almost risk free) is of attraction, and that too accredited with top notch ratings. Its the wave of IPO listing gains which brought in normal investors into this, although the regulator didn''t wanted this to happen and hence kept higher minimum bids. These are similar to bonds whose market value in-principle may respond with open market interest rates. Those who took wrong decision has to wait, take some dividends and let it ripe with time to easy exit at no loss, otherwise book some minimal loss and take the learning. But just cursing such (good)funds will not help.
avatar
344. CA Anuj Agarwal  Jun 5, 2017 10:01:11 AM IST I Like It. | Report Abuse
Septa sir can u please advice n IRB invt? Whether to hold or book loss?
avatar
343. Pokemongo  Jun 2, 2017 7:52:31 PM IST I Like It. | Report Abuse
Top Contributor Top Contributor (200+ Posts, 200+ Likes)
is there any limit on the downside? what kind of debt instrument is this where capital get eroded? its even worst than corp fd
avatar
342. ravijjw  May 30, 2017 6:06:07 PM IST I Like It. | Report Abuse
today irb infrastructure announe 3 rs divident does irb invt trust unit holders are also eligible for declared divident
avatar
342.1. gundu anna  May 31, 2017 7:10:25 PM IST I Like It. | Report Abuse
Top Contributor Top Contributor (400+ Posts, 100+ Likes)
Not eligible, dividend is declared for equity shareholders. This is not equity
avatar
342.2. Pokemongo  Jun 2, 2017 7:51:20 PM IST I Like It. | Report Abuse
Top Contributor Top Contributor (200+ Posts, 200+ Likes)
IRB INIT will declare dividend seperately
avatar
341. Vishal Ganatra  Jun 2, 2017 12:40:27 PM IST I Like It. | Report Abuse
Hello, should we hold IRB or sell it. Its going down on daily basis, does anybody have any insider knowledge or insight about its prospects? Please share.
avatar
340. Dubai ipo  Jun 1, 2017 3:02:02 PM IST I Like It. | Report Abuse
hold irb ...
avatar
339. CA Anuj Agarwal  Jun 1, 2017 10:05:55 AM IST I Like It. | Report Abuse
Ipo Bhavnagar what to do hold or book loss?
avatar
338. Dubai ipo  May 23, 2017 12:59:12 AM IST I Like It. | Report Abuse
yes boss 10 rs dividend for 102 rs
avatar
337. govindm  May 22, 2017 10:19:39 PM IST I Like It. 1 | Report Abuse
my question is 10% dividend d of rs. 102 per year?
avatar
336. IPO Bhavnagar  May 19, 2017 6:01:40 PM IST I Like It. 3 | Report Abuse
Top Contributor Top Contributor (300+ Posts, 200+ Likes)
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 ?
avatar
336.5. gundu anna  May 22, 2017 7:31:38 PM IST I Like It. 3 | Report Abuse
Top Contributor Top Contributor (400+ Posts, 100+ Likes)
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..
avatar
336.6. ravijjw  May 30, 2017 9:27:08 PM IST I Like It. | Report Abuse
today irb infrastructure announe 3 rs divident does irb invt trust unit holders are also eligible for declared divident
avatar
335. Dubai ipo  May 22, 2017 10:57:49 AM IST I Like It. | Report Abuse
ipo bhavanagar ...i hope irb will go up .....
avatar
334. CA Anuj Agarwal  May 22, 2017 10:32:12 AM IST I Like It. | Report Abuse
Ipo Bhavnagar it is going down and down. Mkt up ???
avatar
333. Sumit sumit  May 22, 2017 7:46:38 AM IST I Like It. | Report Abuse
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 1:14:05 AM IST I Like It. | Report Abuse
long term good for us... irb and indiagrid...
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331. raj shah  May 20, 2017 1:13:36 AM IST I Like It. | Report Abuse
we will get 10 to 12 % dividend in irb and indiagrid...also tex free...
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330. CA Anuj Agarwal  May 20, 2017 12:10:09 AM IST I Like It. | Report Abuse
77% delivery? Is any thing cooking there? Ipo Bhavnagar
avatar
329. pawan gupta  May 18, 2017 11:08:42 PM IST I Like It. | Report Abuse
Koi. Muje inte less amt pr listing ka reason bta skta h??????
avatar
328. CA Anuj Agarwal  May 18, 2017 10:25:32 PM IST I Like It. | Report Abuse
Can now it will increase ? So dat atleast we can recover brokerage amount???
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