New Delhi, March 11 The initial public offering of the state-owned National Highways Authority of India-sponsored Raajmarg Infra Investment Trust received subscriptions of 16 per cent on the first day of bidding on Wednesday.
The Rs 6,000-crore IPO received bids for 3,39,46,950 units, against 21,33,33,150 units on offer, according to NSE data.
The category for institutional investors received 20 per cent subscription, while the quota for other investors received 11 per cent subscription.
Raajmarg Infra Investment Trust (RIIT) raised Rs 1,728 crore from anchor investors, including LIC, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, and Bajaj Life Insurance, on Tuesday.
The InvIT's IPO price has been fixed at Rs 99-100 per unit. The issue will conclude on March 13.
This initiative marks an important step in broadening public participation in the National Highway infrastructure growth story.
The public InvIT aims to unlock the monetization potential of National Highway assets while creating a high-quality, long-term investment instrument primarily targeting retail and domestic investors.
According to the Red Herring Prospectus (RHP), the IPO issue size of Raajmarg Infra Investment Trust aggregates up to Rs 6,000 crore.
The InvIT proposes an initial portfolio of five toll roads in Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, operating under the Toll-Operate-Transfer model based on concessions granted by the NHAI to the project SPV.
The toll roads consist of five toll roads spanning over 260 km, forming part of the Golden Quadrilateral project.