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.)
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.
| IPO Opening Date | May 3, 2017 |
| IPO Closing Date | May 5, 2017 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹102 per equity share |
| IPO Price | ₹100 to ₹102 per equity share |
| Market Lot | 10000 Shares |
| Min Order Quantity | 10000 Shares |
| Listing At | BSE, NSE |
| Issue Size | 580,500,000 Eq Shares of ₹102 (aggregating up to ₹5,921.10 Cr) |
| Fresh Issue | [.] Eq Shares of ₹102 (aggregating up to ₹4,300.00 Cr) |
| Offer for Sale | 34,761,770 Eq Shares of ₹102 (aggregating up to ₹[.] Cr) |
The IRB InvIT Fund IPO market lot size is 10000 shares. A retail-individual investor can apply for up to 0 lots (0 shares or ).
| Application | Lots | Shares | Amount (Cut-off) |
|---|---|---|---|
| Minimum | 1 | 10000 | ₹1,020,000 |
| Maximum | 0 | 0 |
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.
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.
The IRB InvIT Fund IPO is subscribed 8.57x times on May 5, 2017 17:00. The public issue subscribed in the retail category, 10.81x in the QIB category, and in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | IPO Subscription |
|---|---|
| QIB | 10.81x |
| Others | 5.89x |
| Total | 8.57x |
| Listing Date | Thursday, May 18, 2017 |
| BSE Script Code | 540526 |
| NSE Symbol | IRBINVIT |
| Listing In | IF Group of Securities |
| ISIN | INE183W23014 |
| IPO Price | ₹102 per equity share |
| Face Value | ₹102 per equity share |
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IRB InvIT Fund
IRB Complex, Chandivali Farm,
Chandivali Village,
Andheri (E), Mumbai – 400 072
Phone: 022 6640 4299
Email: info@irbinvit.co.in
Website: http://www.irbinvit.co.in
KFintech Private Limited
KFintech, Tower-B, Plot No 31 & 32,
Financial District, Nanakramguda, Gachibowli,
Hyderabad, Telangana India - 500 032.
Phone: 04067162222, 04079611000
Email: support@karvy.com
Website: https://karisma.kfintech.com/
IRB InvIT Fund IPO is a main-board IPO of 580,500,000 equity shares of the face value of ₹102 aggregating up to ₹5,921.10 Crores. The issue is priced at ₹100 to ₹102 per equity share. The minimum order quantity is 10000 Shares.
The IPO opens on May 3, 2017, and closes on May 5, 2017.
KFintech Private Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
The IRB InvIT Fund IPO opens on May 3, 2017 and closes on May 5, 2017.
IRB InvIT Fund IPO lot size is 10000 Shares and the minimum order quantity is 10000 Shares.
You can apply in IRB InvIT Fund IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Edelweiss, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for IRB InvIT Fund IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the IRB InvIT Fund IPO allotment status.
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