India Grid Trust's Rs 2,250-cr IPO oversubscribed 1.17 times

The IPO of India Grid Trust to raise Rs 2,250 crore was oversubscribed 1.17 times till late afternoon trade on the last day of the offer on Friday.

The issue received bids for 14,73,38,919 shares against the total issue size of 12,62,78,838, data available with the NSE till 2:00 pm (1400 hours) showed.

The InvIT, sponsored by Sterlite Power Grid Ventures Ltd, on Tuesday raised over Rs 1,012 crore from anchor investors.

India Grid Trust, or IndiGrid, plans to raise Rs 2,250 crore through the initial share sale offer. It has a price band of Rs 98-100 per unit.

This is the second IPO by an InvIT after IRB InvIT Fund. The IPO of IRB InvIT Fund was oversubscribed 8.57 times earlier this month.

InvITs are debt instruments that are traded in the market and can act as investment vehicles for sponsors.

The listing of instruments enables promoters of infrastructure to monetise completed assets and raise funds for other long-term projects.

IndiGrid is an infrastructure investment trust established to own inter-state power transmission assets in India.

Morgan Stanley India, Citigroup Global Markets India and Edelweiss Financial Services are the lead managers to the issue.

The units of IndiGrid will be listed on the BSE and the NSE.

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Jubilant Industries Ltd. is the flagship Company of Agri and Performance Polymers business of the Jubilant Bhartia group. It is leading producer of Agri and Performance Polymer products comprising consumer products like adhesives, wood finishes, application polymers like emulsion polymers, food polymers and latex such as vinyl pyridine, SBR, NBR latex, Crop Nutrition, Crop Growth, Crop Protection and IMFL. Company offers broad range of technology based products and solutions to customers in India as well as globally. Over the years, this business has attained a significant size in India and the Company aims at scaling up its business in global markets. Performance Polymers Performance polymers are having specific properties like temperature stability, chemical stability, mechanical properties and find wide range of application as given below. Food Polymers Jubilant Ind is number one in India and one of the three major global suppliers of So...

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