Monday, 25 September, 2017

India Grid Trust IPO subscribed 7% on first day of offer

India Grid IPO opens today read expert views before investing India Grid IPO opens today read expert views before investing Bombay Stock Exchange
Laurie Berry | 17 May, 2017, 19:35

Its issue was open for subscription on Wednesday.

On Tuesday, India Grid raised Rs 1,012.43 crore ($158 million) from anchor investors.

The price band has been set at Rs 98-100 per unit and bids need to be made for a minimum of 10,206 units and in multiples of 5,103 units thereafter, which translates into a minimum investment of Rs 10,20,500 at the upper price band.

Kotak Securities in a report said as per InvIT regulations, not less than 90 per cent of net distributable cash flows of each of the initial portfolio assets, namely BDTCL and JTCL, will be distributed to India Grid and not less than 90 per cent of the net distributable cash flows of India Grid will be distributed to the unit holders. Anchor investor issue period will be tomorrow.

The IPO of India Grid Trust to raise Rs 2,250 crore was subscribed 7 per cent on the first day of the offer today.

Among major brokerages, Angel Broking has recommended subscribing to the issue.

Of their respective quota of reserved shares, Institutional investors have bid 2.97%; while other investors have bid 10.65%. This, coupled with attractive valuations, makes it worth subscribing, the brokerage said.

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Furthermore, it has a strong financial position given its Corporate Credit Rating AAA/Stable by CRISIL, "IND AAA"/Stable by India Ratings and "IrAAA" with stable outlook by ICRA.

The company will be utilising issue proceeds towards reduction of debt of the both projects.

The units of IndiGrid are proposed to be listed on the BSE and the NSE.

Moreover, it enjoys the benefit of ROFO Deed (Right of First Offer) with sponsor's eight inter-state power transmission projects, with transmission network of 21 power transmission lines of 4,831 kms and five substations, and transformation capacity of 6,630 MVA.

India Grid intends to utilise the funds to partially repay external debt and replace loans from promoter, thus slashing interest burden in a bid to improve cash flows. "Cash flow, however, is projected to decline over the course of the project agreement life".

A clutch of offshore investors are lining up to take part in the initial public offering of India Grid Trust, an infrastructure investment trust (InvIT). The sponsors have extensive experience in identifying, successfully bidding, designing, financing, constructing, operating and maintaining power transmission projects across India.

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