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Initial public offering (IPO) by PowerGrid Infrastructure Investment Trust (InvIT) is set to hit the primary market on April 29. The public offer will close on May 3. This will be the first-ever InvIT IPO by a state-owned company and will only be the third InvIT to be listed on the Indian bourses after IRB InvIT and India Grid Trust went public in the year 2017.
ICICI Securities, Axis Capital, Edelweiss Financial Services and HSBC Securities and Capital Markets (India) are the book running lead managers to the issue, while KFintech is the registrar to the issue. The units of the trust are proposed to be listed on the BSE and NSE.
The public offer will comprise a a fresh issuance of Rs 4,994 crore and an offer for sale for an undisclosed amount. The objective of the issue is to utilise the proceeds for repayment or pre-payment of debt and for general purposes.
The Union Cabinet in September 2020 approved monetisation of assets of PGCIL through the InvIT model.
An InvIT is collective investment scheme similar to a mutual fund, which enables direct investment of money from individual and institutional investors in infrastructure projects to earn a small portion of the income as return.