The units of Capital Infra Trust, an infrastructure investment trust (InvIT), made a flat market debut on Friday, listing at par with the issue price of ₹99. Later, it hit a low of ₹98.80 and a high of ₹99.49, before closing at ₹99.01 on the BSE.
On the NSE, the units of InvIT closed at ₹99.02, after moving in a ₹98-99.20 range. About 4.99 lakh units and 48.11 lakh units were traded on the BSE and the National Stock Exchange.
The initial public offering of Capital Infra Trust was subscribed nearly 2.80 times The issue had a price band of ₹99-100 per unit
The company’s IPO had a combination of a fresh issue of units aggregating up to ₹1,077 crore and an offer for sale (OFS) of units valued up to ₹501 crore by the sponsor selling unitholder Gawar Construction Ltd.
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Capital Infra Trust had mobilised ₹703 crore from anchor investors a day before its IPO. Among them included Quant Mutual Fund (MF), HDFC MF, Axis MF, Kotak MF, Baroda BNP Paribas MF, ICICI Prudential MF, Nuvama Wealth, SBI Life Insurance, HDFC Life Insurance, Max Life Insurance, Pico Capital and Navi Finserv.
The net proceeds are proposed to be used to provide loans to the Project SPVs for repayment/prepayment, in part or in full, of their respective outstanding loans (including any accrued interest and prepayment penalty) and repayment of unsecured loans availed by the Project SPVs from the sponsor.
Gawar Construction is engaged in the construction of road and highway projects across 19 States in India for various government/semi-government bodies and statutory authorities, including the NHAI, Ministry of Road Transport and Highway, Mumbai Metropolitan Regional Development Authority, and Central Public Works Department.