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IRB InvIT Fund IPO (IRB InvIT Fund IPO) Detail

May 3, 2017 - May 5, 2017

IRB InvIT Fund IPO is a book built issue of Rs 5,921.10 crores. The issue comprises of fresh issue of Rs 4,300.00 crore and offer for sale of 3.48 crore shares.

IRB InvIT Fund IPO bidding started from May 3, 2017 and ended on May 5, 2017. The shares got listed on BSE, NSE on May 18, 2017.

IRB InvIT Fund IPO price band is set at ₹100 to ₹102 per share. The minimum lot size for an application is 10000 Shares. The minimum amount of investment required by retail investors is ₹1,020,000.

Credit Suisse Securities (India) Private Limited, ICICI Securities Limited, Idfc Bank Limited and Iifl Securities Ltd are the book running lead managers of the IRB InvIT Fund IPO, while Kfin Technologies Limited is the registrar for the issue.

Refer to IRB InvIT Fund IPO DRHP for detailed information.

IRB InvIT Fund IPO Details

IPO Date May 3, 2017 to May 5, 2017
Listing Date May 18, 2017
Face Value ₹102 per share
Price Band ₹100 to ₹102 per share
Lot Size 10000 Shares
Total Issue Size580,500,000 shares
(aggregating up to ₹5,921.10 Cr)
Fresh Issue[.] shares
(aggregating up to ₹4,300.00 Cr)
Offer for Sale34,761,770 shares of ₹102
(aggregating up to ₹[.] Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE

IRB InvIT Fund IPO Reservation

IRB InvIT Fund IPO offers 250,990,397 shares. 136,907,797 (54.55%) to QIB.

Investor Category Shares OfferedMaximum Allottees
Anchor Investor Shares Offered-NA
QIB Shares Offered136,907,797 (54.55%)NA
Other Shares Offered136,907,797 (54.55%)NA
Total Shares Offered250,990,397 (100%)

IRB InvIT Fund IPO Lot Size

Investors can bid for a minimum of 10000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (Min) 1 10000 ₹1,020,000
Retail (Max) 0 0
S-HNI (Max)
B-HNI (Min)
Lot Size Calculator

About IRB InvIT Fund

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 (IRB InvIT Fund IPO Objectives)

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 Review (Apply)

[Dilip Davda]  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 May 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)

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.


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 Prospectus

IRB InvIT Fund IPO Rating

Rating:Rated 3.6 stars
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IRB InvIT Fund IPO Listing Details

Listing Date May 18, 2017
BSE Script Code 540526
ISIN INE183W23014
Final Issue Price ₹102 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Last Trade

Check IPO Performance…

IRB InvIT Fund Contact Details

IRB InvIT Fund
IRB Complex, Chandivali Farm,
Chandivali Village,
Andheri (E), Mumbai – 400 072
Phone: 022 6640 4299

IRB InvIT Fund IPO Registrar

Kfin Technologies Limited

Phone: 04067162222, 04079611000


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 share. The minimum order quantity is 10000 Shares.

The IPO opens on May 3, 2017, and closes on May 5, 2017.

Kfin Technologies 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 amount required is ₹1,020,000.

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, Nuvama, 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 May 18, 2017.
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IRB InvIT Fund IPO Message Board

Ranked Members of Forum  Ranked Members | Members with Most Likes



347. RAKESH KUMAR BEHANI |   Link |  Bookmark |July 4, 2017 1:06:11 PM
i have 5000/ shares at allotment rate 102/ suggest can i hold or sales
346. ravijjw |   Link |  Bookmark |July 3, 2017 6:00:35 PM
wha to do with this each n every days its touching new low.
345. bunty aggarwal |   Link |  Bookmark |June 7, 2017 9:21:18 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 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 |   Link |  Bookmark |June 16, 2017 12:31:36 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 |   Link |  Bookmark |June 5, 2017 9:01:11 AM
Septa sir can u please advice n IRB invt? Whether to hold or book loss?
343. Pokemongo |   Link |  Bookmark |June 2, 2017 6:52:31 PM
Top Contributor Top Contributor (400+ 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 |   Link |  Bookmark |May 30, 2017 5:06:07 PM
today irb infrastructure announe 3 rs divident does irb invt trust unit holders are also eligible for declared divident
342.1. gundu anna |   Link |  Bookmark |May 31, 2017 6:10:25 PM (500+ Posts, 100+ Likes)
Not eligible, dividend is declared for equity shareholders. This is not equity
342.2. Pokemongo |   Link |  Bookmark |June 2, 2017 6:51:20 PM
Top Contributor Top Contributor (400+ Posts, 300+ Likes)
IRB INIT will declare dividend seperately
341. Vishal Ganatra |   Link |  Bookmark |June 2, 2017 11:40:27 AM
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 |   Link |  Bookmark |June 1, 2017 2:02:02 PM
hold irb ...
339. CA Anuj Agarwal |   Link |  Bookmark |June 1, 2017 9:05:55 AM
Ipo Bhavnagar what to do hold or book loss?
338. Dubai ipo |   Link |  Bookmark |May 22, 2017 11:59:12 PM
yes boss 10 rs dividend for 102 rs
337. govindm |   Link |  Bookmark |May 22, 2017 9:19:39 PM
my question is 10% dividend d of rs. 102 per year?
336. IPO Bhavnagar |   Link |  Bookmark |May 19, 2017 5:01:40 PM (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 |   Link |  Bookmark |May 22, 2017 6:31:38 PM (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 |   Link |  Bookmark |May 30, 2017 8:27:08 PM
today irb infrastructure announe 3 rs divident does irb invt trust unit holders are also eligible for declared divident
335. Dubai ipo |   Link |  Bookmark |May 22, 2017 9:57:49 AM
ipo bhavanagar ...i hope irb will go up .....
334. CA Anuj Agarwal |   Link |  Bookmark |May 22, 2017 9:32:12 AM
Ipo Bhavnagar it is going down and down. Mkt up ???
333. Sumit sumit |   Link |  Bookmark |May 22, 2017 6:46:38 AM
I think this week this will rise before the listing on indiainvit fund so that indiainvit fund rise with premium
332. raj shah |   Link |  Bookmark |May 20, 2017 12:14:05 AM
long term good for us... irb and indiagrid...
331. raj shah |   Link |  Bookmark |May 20, 2017 12:13:36 AM
we will get 10 to 12 % dividend in irb and indiagrid...also tex free...
330. CA Anuj Agarwal |   Link |  Bookmark |May 19, 2017 11:10:09 PM
77% delivery? Is any thing cooking there? Ipo Bhavnagar
329. pawan gupta |   Link |  Bookmark |May 18, 2017 10:08:42 PM
Koi. Muje inte less amt pr listing ka reason bta skta h??????
328. CA Anuj Agarwal |   Link |  Bookmark |May 18, 2017 9:25:32 PM
Can now it will increase ? So dat atleast we can recover brokerage amount???