India Grid Trust IPO fully subscribed on last day of sale | Reuters

MUMBAI India Grid Trust's initial public offering to raise up to 22.5 billion rupees ($347 million) was 1.35 times subscribed on Friday, the last day of the sale, stock exchange data showed.Investors bid for about 170 million shares, compared with about 126 million shares on offer, according to data from the National Stock Exchange.India Grid is the second Indian infrastructure investment trust to go public, following on the heels of IRB InvIT Fund's IPO this month that raised 50.3 billion rupees and was subscribed 8.6 times. IRB InvIT made a tepid trading debut on Thursday, which analysts said could potentially act as a dampener for similar upcoming listings.Infrastructure investment trusts and real estate investment trusts invest in rent-yielding assets and distribute most of their income to shareholders as dividends

Reuters May 19, 2017 21:52:46 IST
India Grid Trust IPO fully subscribed on last day of sale
| Reuters

India Grid Trust IPO fully subscribed on last day of sale
 Reuters

MUMBAI India Grid Trust's initial public offering to raise up to 22.5 billion rupees ($347 million) was 1.35 times subscribed on Friday, the last day of the sale, stock exchange data showed.Investors bid for about 170 million shares, compared with about 126 million shares on offer, according to data from the National Stock Exchange.India Grid is the second Indian infrastructure investment trust to go public, following on the heels of IRB InvIT Fund's IPO this month that raised 50.3 billion rupees and was subscribed 8.6 times.

IRB InvIT made a tepid trading debut on Thursday, which analysts said could potentially act as a dampener for similar upcoming listings.Infrastructure investment trusts and real estate investment trusts invest in rent-yielding assets and distribute most of their income to shareholders as dividends.

India Grid Trust, which owns two revenue-generating transmission assets in central India, had raised 10.12 billion rupees from 19 anchor investors at the upper end of the price band from so-called IPO anchor investors.

Morgan Stanley, Citigroup and Edelweiss were the banks arranging the IPO.Construction company PSP Projects, whose IPO to raise 2.12 billion rupees also closed on Friday, received bids 8.6 times the number of shares on offer. ($1 = 64.8000 rupees) (Reporting by Swati Bhat and Sankalp Phartiyal; Editing by Devidutta Tripathy and Susan Fenton)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Global Markets: Stocks ascend to record on economic recovery, vaccine outlook
Business

Global Markets: Stocks ascend to record on economic recovery, vaccine outlook

By Chuck Mikolajczak NEW YORK (Reuters) - A gauge of global stocks hit a record and oil prices jumped on Monday as the newest positive data for a potential COVID-19 vaccine and signs of economic recovery in Asia boosted sentiment. U.S. stocks advanced, with the Dow Industrials setting a record as it neared the 30,000 mark for the first time, after pharma company Moderna said its prospective vaccine was 94.5% effective in preventing the illness, which has crushed economies across the globe

Airbnb IPO filing shows third-quarter earnings beating virus with cost cuts, new focus
Business

Airbnb IPO filing shows third-quarter earnings beating virus with cost cuts, new focus

By Anirban Sen and Joshua Franklin (Reuters) - Airbnb Inc's initial public offering (IPO) registration showed on Monday that the home rental startup turned a profit in the third quarter despite the COVID-19 pandemic, as it gears up for one of the most anticipated stock market debuts in recent years. The filing, published ahead of Airbnb's anticipated stock market debut in December, showed a dramatic recovery in its fortunes, after the coronavirus outbreak dragged down its core home rental business during the first half of the year. The slump forced it to lay off 25% of its workforce in May, suspend marketing activities for the year and seek $2 billion (£1.5 billion) emergency funding from investors, including Silver Lake and Sixth Street Partners, at a valuation of $18 billion

Biden says U.S., allies need to set global trade rules to counter China's influence
Business

Biden says U.S., allies need to set global trade rules to counter China's influence

By David Lawder WASHINGTON (Reuters) - U.S. President-elect Joe Biden said on Monday the United States needed to negotiate with allies to set global trading rules to counter China's growing influence but declined to say whether he would join a new China-backed Asian trade pact signed on Sunday.