IRB InvIT Fund IPO
IRB InvIT Fund is a registered infrastructure investment trust under the InvIT Regulations.
The fund 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.
The fund’s sponsor is 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 2016.
What is InvIT (Infrastructure investment trust)?
The sponsor has been listed on the Stock Exchanges since 2008. Excluding the toll-road assets that are being transferred by the Sponsor to the fund pursuant to the Formation Transactions, as of December 31, 2016, the Sponsor had 16 road projects, of which eight were “operational”, five were “under construction” and three were “under development”.
The fund will acquire an initial portfolio comprising the Project SPVs, all of which are currently wholly owned by the Sponsor and its subsidiaries.
Key investment conditions:
- Invest at least 80% of the value of the assets in completed and revenue generating infrastructure assets.
- Balance 20% can be invested in under-construction infrastructure projects and securities of infrastructure companies in India (cannot invest in units of other InvITs)
- 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)
- Investment into SPVs is subject to the InvIT holding a controlling interest (at least 51% of equity share capital) in the SPVs
- At least 90% of distributable cash flow of the SPV shall be distributed to the InvIT in proportion to its holding in the SPV
- At least 90% of distributable cash flow of the InvIT shall be distributed to the unit holders
- Dividend declared to be paid within 15 days; distributions to the unit holders to be made on a half yearly basis
|IRB InvIT Fund IPO details|
|Subscription Dates||3 – 5 May 2017|
|Price Band||INR100 – 102 per unit|
|Fresh issue||INR4,300 crore|
|Offer For Sale||34,761,770 units (INR354.57 crore at upper band)|
|Total IPO size||INR4,654.57 crore (at upper price band)|
|Minimum bid (lot size)||10,000 units|
|Sponsor||IRB Infrastructure Developers Limited|
|Project Manager||Modern Road Makers Private Limited|
|Listing On||NSE, BSE|
IRB InvIT Fund’s consolidated financial performance (in INR crore)
|Profit after tax||-47.5||-123.8||-76.4||-13.1|
IRB InvIT Fund
IRB Complex, Chandivali Farm, Chandivali
Andheri (E), Mumbai – 400 072
Phone: +91 022 6640 4299
Fax: +91 6640 4274
Karvy Computershare Private Limited
Karvy Selenium Tower B, Plot 31-32,
Hyderabad – 500 032, Telangana
Phone: +91 40 6716 2222
Fax: +91 40 2343 1551
IRB InvIT Fund IPO Subscription Details
|Category||Shares offered||Subscription (No.|
of times, at 5 PM)
|Day 1||Day 2||Day 3|
IRB InvIT Fund IPO allotment status is now available on Karvy Computershare’s website.
Click on this linkto get allotment status.
You can also check allotment status using application number on this link.
IPO Opening Date: 3 May 2017
IPO Closing Date: 5 May 2017
Listing Date: 18 May 2017
Listing Price on NSE: INR102 per units (no change from IPO price)
Closing Price on NSE: INR101.7 per units (slightly down from IPO price)