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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.

IRB InvIT Fund IPO Details

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 Size580,500,000 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 Sale34,761,770 Eq Shares of ₹102
(aggregating up to ₹[.] Cr)

IRB InvIT Fund IPO Lot Size

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

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 Review

Although the minimum amount to be invested is Rs. 10 lakh and in multiple of Rs. 5 lakh thereon, investors may invest in this novel instrument for long term investment. Read detail review...

IRB InvIT Fund IPO Subscription Status (Bidding Detail)

The IRB InvIT Fund IPO is subscribed 8.57 times on 5/5/2017 5:00:00 PM. The public issue subscribed times in the retail category, 10.81 times in the QIB category, and times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)
QIB10.81
Others5.89
Total8.57

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 Group of Securities
ISIN INE183W23014
IPO Price ₹102 per equity share
Face Value ₹102 per equity share

Listing Day Trading Information

.
IPO Price
Open
Low
High
Last Trade
BSE
₹102.00
₹103.25
₹99.65
₹105.00
₹101.79
NSE
₹102.00
₹102.00
₹99.75
₹105.00
₹101.80

Company Contact Information

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

IRB InvIT Fund IPO Registrar

KFintech Private Limited

Phone: 04067162222, 04079611000
Email: support@karvy.com
Website: https://karisma.kfintech.com/

IRB InvIT Fund IPO FAQs

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.

The IRB InvIT Fund IPO listing date is on Thursday, May 18, 2017.

IRB InvIT Fund IPO Message Board

Ranked Members  Ranked Members

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564 Comments

347. RAKESH KUMAR BEHANI |Jul 4, 2017 2:06:11 PM
i have 5000/ shares at allotment rate 102/ suggest can i hold or sales
346. ravijjw |Jul 3, 2017 7:00:35 PM
wha to do with this each n every days its touching new low.
345. bunty aggarwal |Jun 7, 2017 10:21:18 AM
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.
345.1. BullOverBear |Jun 16, 2017 1:31:36 AM
Top Contributor Top Contributor (300+ Posts, 100+ Likes)
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.
344. CA Anuj Agarwal |Jun 5, 2017 10:01:11 AM
Septa sir can u please advice n IRB invt? Whether to hold or book loss?
343. Pokemongo |Jun 2, 2017 7:52:31 PM
Top Contributor Top Contributor (300+ Posts, 300+ 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
342. ravijjw |May 30, 2017 6:06:07 PM
today irb infrastructure announe 3 rs divident does irb invt trust unit holders are also eligible for declared divident
342.1. gundu anna |May 31, 2017 7:10:25 PM
IPO Mentor IPO Mentor (500+ Posts, 100+ Likes)
Not eligible, dividend is declared for equity shareholders. This is not equity
342.2. Pokemongo |Jun 2, 2017 7:51:20 PM
Top Contributor Top Contributor (300+ Posts, 300+ Likes)
IRB INIT will declare dividend seperately
341. Vishal Ganatra |Jun 2, 2017 12:40:27 PM
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.
340. Dubai ipo |Jun 1, 2017 3:02:02 PM
hold irb ...
339. CA Anuj Agarwal |Jun 1, 2017 10:05:55 AM
Ipo Bhavnagar what to do hold or book loss?
338. Dubai ipo |May 23, 2017 12:59:12 AM
yes boss 10 rs dividend for 102 rs
337. govindm |May 22, 2017 10:19:39 PM
my question is 10% dividend d of rs. 102 per year?
336. IPO Bhavnagar |May 19, 2017 6:01:40 PM
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 ?
336.5. gundu anna |May 22, 2017 7:31:38 PM
IPO Mentor IPO Mentor (500+ 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..
336.6. ravijjw |May 30, 2017 9:27:08 PM
today irb infrastructure announe 3 rs divident does irb invt trust unit holders are also eligible for declared divident
335. Dubai ipo |May 22, 2017 10:57:49 AM
ipo bhavanagar ...i hope irb will go up .....
334. CA Anuj Agarwal |May 22, 2017 10:32:12 AM
Ipo Bhavnagar it is going down and down. Mkt up ???
333. Sumit sumit |May 22, 2017 7:46:38 AM
I think this week this will rise before the listing on indiainvit fund so that indiainvit fund rise with premium
332. raj shah |May 20, 2017 1:14:05 AM
long term good for us... irb and indiagrid...
331. raj shah |May 20, 2017 1:13:36 AM
we will get 10 to 12 % dividend in irb and indiagrid...also tex free...
330. CA Anuj Agarwal |May 20, 2017 12:10:09 AM
77% delivery? Is any thing cooking there? Ipo Bhavnagar
329. pawan gupta |May 18, 2017 11:08:42 PM
Koi. Muje inte less amt pr listing ka reason bta skta h??????
328. CA Anuj Agarwal |May 18, 2017 10:25:32 PM
Can now it will increase ? So dat atleast we can recover brokerage amount???