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Bloomberg
India’s first bond-like securities giving investors exposure to the nation’s infrastructure projects received bids for 8.5 times the number of units offered.
IRB Infrastructure Developers Ltd., the Mumbai-based road operator, will list the hybrids known as infrastructure investment trusts on May 8. The IRB InvIT Fund’s initial public offering was fully subscribed on Friday, the last day of three-day offer, helping it to raise as much as 50.4 billion rupees ($784 million). The IPO received bids for 2.1 billion units versus the 251 million offered, according to cumulative demand data available at 5.30 p.m. on NSE’s website. The fund will own and operate six toll road assets across five Indian states.
“The successful listing of this InvIT will pave the way for many similar listings and help the sector discover a new source of capital, other than equity and debt,†Vibhor Singhal, vice president of IT services and infrastructure at Phillip Securities Pte Ltd, wrote in an April 27 report.